Apple cut its taxes with the same tools multinationals have been using for years to minimize their worldwide tax liability, Gleckman writes. Apple’s tax avoidance shop, it seems, is a lot less innovative than its phone designers.
The Joint Tax Committee’s Tax Reform Working Group Report is must-read material for tax geeks, or even normal people who want to keep up with the ongoing debate over tax reform, Gleckman writes.
Corporate tax reform is impossible without addressing international issues, Gleckman writes. Yet, this corner of the tax law is not only immensely complex but most proposed solutions inevitably run into massive political and policy roadblocks.
Some believe the retirement of Senate Finance Committee Chairman Max Baucus will increase the likelihood of tax reform, but Gleckman argues his retirement may not result in a tax code rewrite.
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.
The release of President Obama's tax returns last week showed that his tax rate has gone down. Of course, his income went down and he gave a lot to charity, but critics are still chirping.
President Obama's budget calls for increased investing in clean-energy technology and the ending of tax preferences for the oil and gas industry. The 2014 budget proposal is in line with the president's 'all-of-the-above' energy policy, but does little to reach across the aisle.
Higher payroll taxes will take $115 billion out of workers’ pockets this year and cut consumer spending, according to the Tax Policy Center.
Corporate tax reform is not a bad idea, Gleckman writes, but it may be harder than either President Obama or key Republicans want to admit.
With both interest rates and prices so low, this could be the ideal time to redesign the tax subsidy for home ownership, Gleckman writes. That goes against many who say that the housing market remains so shaky that ending the deduction would send home prices back into a tailspin.