US President Barack Obama's 2015 tax plan will translate to cutting taxes for the US's working class while having the wealthiest Americans pay more, according to new estimates. The poorest 20 percent in households will see their after-tax income increase by 0.7 percent, while the top 20 percent's income after taxes will decrease by 1.2 percent.
If Congress doesn't come up with a plan soon to replenish the Highway Trust Fund, states can expect rationing this summer, Transportation Secretary Anthony Foxx said Tuesday.
The US Treasury will lose $5 billion in lost revenue over the next decade. Why? Congress used the wrong math formula for the Social Security and Medicare payroll tax.
Congresswoman Lynn Jenkins's proposal for expanding the child tax credit is on the right track, writes Elaine Maag. However, Jenkins's plan miss the mark on some key issues with the child tax credit.
What is IRS form 5498? Financial adviser Brian explains the IRS form, and what to tax payers should do with the form.
Education reforms are needed to improve student achievement and boost lagging labor force productivity. The business community could benefit, but is deterred by higher taxes.
The House Ways and Means Committee approved expanding the child tax credit and higher education tax breaks. In other tax news, H&R Block offers a map outlining state income tax requirement to help same-sex couples' IRS filings.
IRS commissioner John Koskinen appeared before the House Oversight and Government Reform Committee on the loss of former Treasury official Lois Lerner’s emails and crash of her hard drive. Meanwhile, the federal gasoline tax could be phased and leave the Highway Trust Fundthe House Ways and Means Committee plans to vote on indexing the $1,000 child tax credit.