Topic: Income Taxes

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Playing the IRS card: Six presidents who used the IRS to bash political foes

Since the advent of the federal income tax about a century ago, several presidents – or their zealous underlings – have directed the IRS to use its formidable police powers to harass or punish enemies, political rivals, and administration critics. Here are six infamous episodes.
Income taxes: Five changes for 2012

Here are new income tax provisions to watch for as you work through your 1040 form:
What does the federal government do with your money? Take our taxes quiz.

It seems there’s no end of taxes – and of debate about what the federal government does with all the money it collects. Test your knowledge of America’s fiscal behavior!
6 ways to make tax reform happen

Here are six ideas that can guide Congress to a tax reform-deal that both parties should be able to live with – a deal that will raise necessary revenue and help pay down the debt.
Briefing
Fiscal deal will cost you: 8 tax changes

Here are eight tax changes under the 'fiscal cliff' deal that may hit your pocketbook.

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Tax VOX The real lesson about capping itemized deductions

The campaign of GOP presidential candidate Mitt Romney has criticized the Tax Policy Center for new research that provides evidence that a deduction cap is a pretty good, though insufficient, idea, Gleckman writes.
Donald Marron Five things you should know about Mitt Romney’s '$5 trillion tax cut'

Donald Marron offers his perspective on Mitt Romney's proposed $5 trillion tax cut.
Tax VOX Mitt Romney's '$5 trillion tax cut': 5 things you should know

Romney has proposed about $5 trillion in specific, gross tax cuts over the next decade relative to current policy, most but not all of which would go to high-income taxpayers. He has also promised to offset a substantial portion of those cuts—presumably in the trillions of dollars—by reducing deductions and other tax breaks.
Laughing Biden vs. polite Ryan: Who won? (+video)

Joe Biden came out swinging and smirking in Thursday's debate against Paul Ryan, who stood his ground. Insta-polls called it a draw. But the key outcome may be a more aggressive stance by President Obama, viewed as listless in his first debate with Mitt Romney.
Tax VOX The hidden value of marginal tax rates

The marginal tax rate is crucial in making various personal economic decisions, Williams writes.
The 'fiscal cliff' looms. Ways to soften the tax bill blow.

When the 'fiscal cliff' hits at the end of the year, automatic tax increases will push up taxes on income and capital gains and dividends. Here's how taxpayers can minimize the potential damage.
Decoder Wire Mitt Romney repudiates '47 percent' remarks. Why now?

This is the clearest mea culpa Mitt Romney has made since video surfaced of him telling donors at a fundraiser that 47 percent of Americans believe they're 'victims' entitled to government aid.
How much will your taxes go up if US falls off 'fiscal cliff'? (+video)

Congress has put off dealing with the fiscal cliff – a huge suite of legislation – until after the Nov. 6 election. If it doesn't do something by Dec. 31, taxes will go up on virtually everyone.
Mitt Romney's 14 percent tax bite: your guide to deciphering what's 'fair'

Many millionaires pay an effective tax rate much closer to Mitt Romney's 14 percent than to the official 35 percent top bracket. Preferential rates for investment income, including capital gains, are the reason. Is it time to change that?
Tax VOX What happens if Congress goes over the fiscal cliff? Taxes rise.

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.
Tax VOX Five ways to tax the 47 percent

Gleckman offers five suggestions for reducing the portion of Americans who do not pay federal income tax.
Briefing
Who are the '47 percent'?

Half don't earn enough to pay federal income taxes; many pay other ways.
Mitt Romney tells voters: If I'm elected, don't expect huge tax cuts

Mitt Romney provided nuance to his proposed tax cuts, saying they must fit his goal of reducing federal deficits. But left unanswered is the question of how this will affect the middle class.
Robert Reich Mitt Romney: A warrior for the wealthy?

MItt Romney represents an unprecedented concentration of wealth and power that’s undermining our economy and destroying our democracy, Reich writes.
Romney tax returns: What’s missing in his report?

Pundits, political partisans, and amateur CPA’s are poring over the numbers in Mitt Romney’s tax returns. What’s missing, tax experts say, are the details of Romney’s retirement account from Bain Capital, including investments in offshore accounts in Bermuda and the Cayman Islands.
Yes, he's rich. Mitt Romney finally releases his tax returns.

After months of pressure, Mitt Romney has released more tax information, which confirms that the Romneys are rich. But he'd probably be a billionaire if he hadn't gone into public service.
Tax VOX The 47 percent: a case study

Gleckman profiles a single mom who likely owes no income tax thanks largely to the Earned Income Tax Credit and the Child Tax Credit.
The New Economy 47 percent vs. 1 percent: the emergence of tax-class warfare

From Mitt Romney's 47 percent gaffe to Warren Buffett's secretary's tax rate, this election is about taxes and who will be saddled with paying back America's huge debt.
Who are the 47 percent? 5 jobs held by people who pay no income tax.

Mitt Romney says 47 percent of Americans don't pay federal income taxes – and he was right. Half of that 47 percent are workers who hold jobs that don't pay enough for them to owe income taxes to Uncle Sam. What kinds of jobs are these?
Donald Marron Breaking down the 47 percent

Marron highlights a previous blog post where he explains why almost half of Americans pay no federal income tax. The repost comes in light of a leaked video of Republican presidential nominee Mitt Romney commenting on the 47 percent.
Is Mitt Romney right about a 'good jobs' dearth in US? (+video)

Under fire for writing off 47 percent of Americans as government dependents who will never vote for him, Mitt Romney clarifies that what he wants is for more people to have jobs good enough that they do pay taxes. Many agree about slippage in 'good jobs.'
Tax VOX Federal income tax: Who doesn't pay it and why?

The 46 percent of Americans who don't pay federal income tax can be divided into those who have no taxable income and those who have enough tax breaks to wipe out their tax liability.
Can Romney's campaign get back on track? (+video)

Following the release of a video from one of presidential candidate Mitt Romney's fundraisers, some commentators question his campaign strategy, while others defend him. Polls show the presidential race is still close.
Decoder Wire Mitt Romney video and the 47 percent: Who doesn't pay income taxes?

In a video of a May fundraiser, Mitt Romney says his message can't connect with the 47 percent of Americans who don't pay income tax. Mostly, these people are poor or elderly.
How damaging is Romney's 'victims' comment? (+video)

Republican presidential candidate Mitt Romney's staff was sent scrambling when a video surfaced of Romney saying almost half of all Americans, 'believe they are victims.'