With a budget that is facing a $700 million shortfall, Kansas has set the stage for a perpetual budget crisis, Francis argues. Although lawmakers are trying to attract businesses to the state, the financial uncertainty and deficits Kansas will grapple with will undermine such efforts, he says.
Just about everyone benefits from tax preferences, Gleckman writes, a conclusion reaffirmed by a new Congressional Budget Office report on the distribution of tax expenditures.
The IRS has interpreted our tax laws to allow big corporations and wealthy individuals to make unlimited secret campaign donations through sham political fronts, Reich writes.
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.
President Obama's 2014 budget would taxes on the highest-income American households, Gleckman writes, but middle-income households would also pay slightly more in taxes than under today’s law.
Months ago, several Republican governors proposed major tax reform plans, Gleckman writes, but by tax day, two of those governors had abandoned their tax reform plans. What happened?
Congress could simplify child-care tax benefits by harmonizing the maximum allowable expenses for both benefits, or eliminating one of the benefits altogether, Maag writes.