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.
Some states may have created a way for heterosexual couples to avoid the marriage tax penalty, writes Howard Gleckman. How can domestic partnerships lead toward the federal marriage tax penalty?
Former IRS official Lois Lerner, who managed the agency's controversial handling of Tea Party-related groups, may face possible criminal charges, while a House committee reportedly said they will vote on a resolution tomorrow to hold her in contempt of Congress.
If 2013 is remembered for anything, it may be for all that didn’t happen when it comes to tax policy and fiscal policy, Gleckman writes. Here’s hoping 2014 is more productive.
Americans could face an average tax hike of almost $3,500 in 2013 if Congress goes over the fiscal cliff, Gleckman writes. The looming fiscal cliff poses a major threat for the US economy.
Mitt Romney's tax plan may not hike taxes for the middle class, as the Obamam camp claims. Still, the plan is so full of contradictions that Mitt Romney won't be able to do everything he promises.
It's not impossible for pay for individual tax rate reductions by cutting tax expenditures. But it is very hard. Congress could fix that huge distribution problem by raising tax rates on capital gains and dividends — but it is a very unpopular platform.
The Romney and Gingrich returns tell us a lot about the way those with incomes of $1 million or more are taxed, and how they structure their lives to minimize taxes. But mostly, they tell us that all those who make $1 million-a-year are not alike. Most of them are surprisingly like the rest of us, only more so.