President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.
On the first day of the new Congress, new and old tax laws are being calculated, implemented, and executed. Tax prep firms are ready and waiting to help tax filers while repealing the medical tax device remains on the agenda.
Here's an interesting but little known problem with the federal income tax system: People who have tax withheld from their paychecks but, for some reason, don’t file returns. For many, ignoring their 1040 means they are paying tax they don’t owe.
Although it may seem like Congress could pay for corporate tax rate cuts, much of the burden of tax reform could fall on people — investors, workers, and consumers, Williams says. It will be difficult to ensure that tax reform will be both revenue neutral and fair to taxpayers, he adds.
Cutting tax rates is a good idea in theory, but it is very, very difficult to pull off, Gleckman says.
It's not pretty. To offset the cost of tax reform, Congress may have to eliminate trillions of dollars in tax preferences for individuals and businesses. Gleckman walks readers through who's saying what on the topic right now.
The Joint Tax Committee’s Tax Reform Working Group Report is must-read material for tax geeks, or even normal people who want to keep up with the ongoing debate over tax reform, Gleckman writes.
If Congress allows more people into the United States, our population, labor force, and economy will all get bigger. With immigration policy up in the air, the economy's trajectory will be difficult to predict.
In spite of its widespread use and large fiscal cost, the mortgage interest deduction does little to promote home ownership, Toder writes. It provides no subsidy to the nearly two-thirds of taxpayers who do not itemize and only a modest subsidy to those in the 15 percent bracket.
Corporate tax reform is not a bad idea, Gleckman writes, but it may be harder than either President Obama or key Republicans want to admit.