Topic: Tax Law

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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 day: 8 top tax breaks for parents on tax deadline

As tax deadline looms, parents are looking for as many tax breaks as possible.
Briefing
Buffett rule: Five questions about Obama's plan answered

President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.
Tax tips: Top 5 reasons to hire a tax pro

Tax tips can take you only so far if you're filling out your own returns. Sometimes, you need a tax pro. Most taxpayers, to the tune of 60 percent, opt to go with a tax professional. That share has climbed steadily: Just 41 percent used a professional preparer 30 years ago. Although a growing swath of the population – about 20 percent – is using tax-preparation software to complete returns, according to the Internal Revenue Service (IRS), it seems that software isn't displacing accountants as much as it's simply becoming the mode of choice for do-it-yourself filers. As the Tuesday, April 17, tax filing deadline nears, here are five cases in which it might be wise to consider bringing a pro aboard:
Five budget realities no politician will talk about (not even Ron Paul)

Ron Paul deserves credit for making the boldest proposals of any candidate in the presidential race. The astonishing reality of the federal government’s budget situation, however, is that even his plans might not be enough to keep Uncle Sam out of bankruptcy. While President Obama offers a $3.8 trillion budget that optimistically might cut the federal deficit to $575 billion by 2018, federal data suggest the United States is already broke. The Federal Reserve estimates that the net value of all private assets, including real estate, stocks, bonds, businesses, cash, etc., is $57 trillion. But the Treasury Department estimates the federal government’s net worth is a negative $61 trillion. Here are five budget realities that no candidate wants to acknowledge:

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Tax VOX
A path forward on tax reform: 4 steps

Tax reform will be difficult, but with a four-step road map, it can be done.
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?
Decoder Wire
John Boehner fires opening shot in potential debt-ceiling showdown

In a speech Tuesday, Speaker John Boehner will lay out his expectations for how the debt ceiling will be handled in the next round. His plan harks back to the House Republicans' position last year.
Tax VOX
Will Obama's views on tax reform 'evolve' too?

Will Obama's public support of marriage equality spill over to financial matters?
The New Economy
Is US a model for austerity-wary Europe?

Despite its sluggishness, the US economy is growing while Europe's is contracting. A rising number of policymakers blame Europe's austerity moves.
Tax VOX
Can the US tax system be fair?

Two economists, a tax historian, and a philosopher debated what a 'fair' tax code means at an Urban Institute panel this week. 
If both parties want low rates on student loans, why the fight?

The GOP-led House is set to vote Friday on a bill to extend the low 3.4 percent interest rate on US-subsidized student loans. Obama wants that, too. But how to pay for it is kicking up dust in Congress.
Tax VOX
Tax reform goes local. What's the effect?

The need for fundamental federal tax reform is critical.  Often overlooked, however, is the fact that any such reforms will also affect the tax and fiscal policies of state and local governments.
Tax VOX
Is the Buffett rule a step in the right direction for tax reform?

A better answer would be to close the loopholes that help the wealthy avoid paying higher taxes, but some argue that a minimum tax like the Buffett rule might be a good start.
Decoder Wire
Enjoy tax day 2012, next year could be 'Taxageddon'

Sure, this tax day won't be fun, but a raft of tax cuts are set to expire this year, and with Congress preoccupied by Election 2012, Americans face the prospect of a much bigger tax bill in 2013.
The Buffett Rule: Tax reform or political gimmick?

As last-minute tax filers sweat the IRS, Democrats are pushing – and the GOP is resisting – the Buffett Rule, which would mean higher tax rates for millionaires (like Mitt Romney and Barack Obama).
Tax day: 8 top tax breaks for parents on tax deadline

As tax deadline looms, parents are looking for as many tax breaks as possible.
Tax VOX
Experts: The 'Buffett rule' is a terrible idea

Tax policy experts disagree on many things, including what the definition of 'rich' is. But they agree that imposing a minimum tax of any kind is an admission of policy failure.
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.
Briefing
Buffett rule: Five questions about Obama's plan answered

President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.
Donald Marron
What exactly do tax preferences add up to?

The tax code is full of credits, exclusions, and preferential rates. Taken together, such tax preferences will total almost $1.3 trillion this year. But even if Congress repealed all of these tax preferences, it would likely generate much less than $1.3 trillion in new resources. 
What the 'Buffett rule' reveals about Obama tax reform plans

President Obama is pushing Tuesday for the so-called Buffett rule – a proposal to ensure that millionaires pay a higher rate on federal income taxes than the middle class. He and Democrats see it as a guarantee that the rich will pay more, even if Congress again extends the Bush tax cuts.
Tax VOX
How big are tax preferences? Try $1.3 trillion.

The tax code is chock full of credits, deductions, deferrals, exclusions, exemptions, and preferential rates that, taken together, total almost $1.3 trillion per year. But that money isn't necessarily available simply through tax reform.
Tax tips: Top 5 reasons to hire a tax pro

Tax tips can take you only so far if you're filling out your own returns. Sometimes, you need a tax pro. Most taxpayers, to the tune of 60 percent, opt to go with a tax professional. That share has climbed steadily: Just 41 percent used a professional preparer 30 years ago. Although a growing swath of the population – about 20 percent – is using tax-preparation software to complete returns, according to the Internal Revenue Service (IRS), it seems that software isn't displacing accountants as much as it's simply becoming the mode of choice for do-it-yourself filers. As the Tuesday, April 17, tax filing deadline nears, here are five cases in which it might be wise to consider bringing a pro aboard:
Tax VOX
The federal government spends a lot more money than you think

'Federal spending' figures are not reliable markers. In reality, the federal government spends about 30 percent more than it admits.
Economist Mom
Why broadening the tax base is so difficult

Increasing revenue from taxes will be difficult if the government can't touch a few common tax expenditures. But there are a few things that qualify for tax breaks that we can do without
Robert Reich
The GOP's tax cut trick

When Republicans have nothing else to attack, they call for a tax cut. And it works.
Economist Mom
Tax policy won't fix the economy on its own

Many tax policy experts spin a simple fairy tale when they talk about how to reform the tax system. They say that we just need to cut tax rates, which will expand the economy, which in turn will reduce the deficit. But unfortunately, in the real world, we face real budget constraints and a real scarcity of resources.
Tax VOX
How will Romney pay for his tax cuts?

Romney is promising both massive tax cuts and a balanced budget, but it's unclear how he will pay for either.
Tax VOX
Two good books on tax reform

If you want a good read on individual or corporate tax refprm, pick up one of these new titles.