Topic: Alternative Minimum Tax

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Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Who's who on Congress's debt 'super committee'

Congress has created a special super committee to find at least $1.2 trillion in US budget cuts. If the plan is voted down, automatic spending cuts are slated to occur. Here are the 12 lawmakers named to the super committee.
Smoke and mirrors in Obama's budget? Five examples of creative accounting.

President Obama's proposed $3.7 trillion dollar federal government budget works some economic magic, from disappearing programs to mystery funding sources.
Here’s a look at five key head-scratchers in the 2012 budget:

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Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Tax VOX
Will Obama's views on tax reform 'evolve' too?

Will Obama's public support of marriage equality spill over to financial matters?
Tax VOX
Tax Day: How easy filing makes the tax code complicated

Our current insanely complex tax rules are made possible by technology. Yes, computer software makes filing easier, but that may be the problem.
Difference Maker
Tax day: 1040 reasons you should know Nina Olson

Nina Olson is the National Taxpayer Advocate – the voice of the public at the IRS. She's trying to help you navigate the tax code you love to loathe.
Tax VOX
Shocker: Paul Ryan's budget means more big tax cuts for the rich.

The tax cuts in Paul Ryan’s 2013 budget plan would result in huge benefits for high-income people and very modest—or no— benefits for low income working households. No surprise here.
Tax VOX
Ryan's mystery meat budget

House Budget Committee Chairman Paul Ryan (R-WI) released a fiscal plan that promises trillions of dollars in tax cuts and a nearly balanced budget within a decade, but never says how he'd get there. 
Paul Ryan releases new GOP budget plan: What's in it?

The Republican House budget, released by Rep. Paul Ryan, scales back Medicare reforms that hurt GOP candidates last year, but sharpens contrast with President Obama on debt.
Tax VOX
How will Romney account for billions of lost revenue?

Romney rolled out a new tax proposal after many Republicans blasted his initial plan as too cautious. His plans to cut income tax rates by 20 percent and eliminate the Alternative Minimum Tax sound appealing, but he offers no specifics on how he'll offset the billions in lost revenue. 
Tax VOX
Romney's new tax cuts are a deficit nightmare

Romney wants to reduce individual tax rates by 20 percent across the board. Sounds good, but it would increase the deficit to the tune of $3 trillion.
Tax VOX
Why GOP candidates would make the national debt worse

Which Republican Presidential candidates would successfully eliminate the deficit and national debt? According to a new analysis from the non-partisan Committee for a Responsible Federal Budget, none of them would.
Tax VOX
Why Congress actually failed on payroll tax

After months of squabbling, it looks as if Congress is about to extend a “temporary” tax cut for another 10 months, borrowing $100 billion to do it. That would be OK if this was just a short-term stimulus. 
Economist Mom
How to tax millionaires, the right way

When it comes to taxing the wealthiest Americans, some methods are better than others in leveling the playing field.
Tax VOX
What tax reform would mean at the state level

Congress could go a long way towards fixing the federal system without destroying state revenue codes—but only if reform is done carefully.
Tax VOX
What is a 'value-added tax' and what can it mean for the economy?

A well-designed Value-Added Tax, a national consumption levy that would tax household purchases of all goods and services, could simplify the tax code for most households and finance significant reductions in corporate and individual income tax rates without adding to the budget deficit.
Economist Mom
New economic outlook report is overly optimistic

The Congressional Budget Office’s economic outlook is out, and it doesn't seem all that bad  Except that the CBO baseline is a projection of current-law policies, which assume a lot of very optimistic things about Congress’s proclivity toward fiscally responsible behavior.
The Vote
CBO knows its deficit forecasts are too cheery. So what will really happen?

The CBO is forecasting a $1.1 trillion deficit in 2012, followed by several years of a much lower amount. But CBO officials know that's a fantasy, so it has prepared a more pessimistic outlook.
Romney tax return shows he paid $3 million. His tax plan wouldn't bump that.

The wealthy GOP presidential candidate paid about 14 percent of his income in taxes in 2010, the Romney tax return shows. That's a lower rate than most middle-class Americans pay. Under Romney's tax reform plan, his tax bite would not change.
Mitt Romney to release his taxes: beyond the obvious ($$), six things we can learn

Mitt Romney is releasing his 2010 tax returns and estimated 2011 taxes on Tuesday, providing information on his income, deductions, and how the wealthiest Americans navigate the system.
Tax VOX
Santorum's tax plan: Cuts for (nearly) all

Santorum would cut taxes for nearly all households making $40,000 or more. But the impact on the deficit would be enormous: Santorum would cut taxes by roughly $1 trillion in 2015 alone.
Tax VOX
Congress is back, and more combative than ever

The least popular Congress in recent memory is back for another year of squabbling over tax policy. Will lawmakers finally reach an agreement over last year's unfinished business?
Tax VOX
Romney's tax plan: Big benefits for the wealthy, higher deficits

Mitt Romney’s tax plan would cut taxes for millions of households but bestow most of its benefits on those with the highest incomes. At the same time, it would significantly cut corporate taxes and add hundreds of billions of dollars to the deficit.
Tax VOX
Gingrich's tax plan: Big cuts, big deficits

Newt Gingrich is proposing a massive tax cut aimed at the highest earning American households. His plan would add about $1 trillion to the federal deficit in a single year.
Tax VOX
Two options for fixing the nation's budget mess

With congressional deficit reduction efforts largely collapsed, the question remains: What are we going to do about the nation’s long-term budget crisis?
Tax VOX
The problem with Perry's optional tax

Rick Perry says you can either pay his new tax or pay under today’s system, whichever results in a lower bill. That sounds great, but it is a policy disaster.
Obama's 'Buffett tax' plan hurts hardworking average families, too

Obama’s new tax initiative supposedly targets millionaires, but he is also proposing limits to deductions and exclusions for families making $250,000 or more. That would hurt average, hardworking families living in high-cost regions.