Topic: Taxes
Top galleries, list articles, quizzes
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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.
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Briefing
IRS 101: Seven questions about the tea party scandal
How the tables have turned: The Internal Revenue Service is the one under the microscope now, as revelations emerged Friday that the agency wrongly targeted conservative groups seeking nonprofit status. Here’s an accounting of what has happened, along with the ramifications.
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5 myths about amnesty for illegal immigrants in Senate bill
Under a bipartisan Senate immigration bill, immigrants who have come to the United States illegally are given a "path to citizenship." On close inspection, each of the following five claims about the requirements for illegal immigrants to earn amnesty are not what they seem.
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Top 5 bull markets since 1929
The bull market that started in 2009 is currently the fifth most spectacular rise in stock prices since at least 1929. Can you guess which bull markets have been even more impressive?
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Briefing
After the 'sequester,' now what?
$85 billion in across-the-board cuts to defense and social programs took effect March 1. The cuts must occur this fiscal year, which ends Sept. 30. Here's how things look.
All Content
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Stefan Karlsson Incentives matter
People respond to incentives, Karlsson writes. If they didn't, we wouldn't have seen companies make large advance payments of salaries and dividends because they expected a big increase in tax rates.
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Zimbabwe claims it only has $217 left
In an appeal Tuesday to foreign donors to help raise some $200 million, Zimbabwe's finance ministry announced that paying civil servants and government employees had bankrupted the country.
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Robert Reich Why consumers are so glum
Consumers are deeply worried about their jobs and their incomes, Reich writes, and they have every right to be.
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Tax VOX Payroll tax cuts may boost the economy more than you think
Payroll tax cuts might play a bigger role than many thought in reversing economic slumps, Gleckman writes, according to new research by the Federal Reserve Bank of New York.
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Will your state taxes go up? How legislatures are leaning.
As red states get redder and blue states bluer, state taxes could head in opposite directions. Some states are trying to eliminate income taxes, others are raising them.
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In Gear Texas joins list of states considering electric car tax
Texas is the latest to consider an extra tax on electric cars to make up for lost gas revenue, Ingram writes, helping to raise money for road maintenance.
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The Monitor's View: Immigration reform as a path to conscience, not just citizenship
A bipartisan plan on immigration reform by a group of senators reflects tough terms for forgiving most illegal immigrants. President Obama, too, must adopt only an amnesty that strongly contributes to rule of law.
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Tax VOX The burden of choice weighs on the tax system
The current taxation of derivatives is complicated and inconsistent, Rosenthal writes. Investors often use these tax differences to manipulate the character, timing, or source of their income to reduce their tax liability, he adds.
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Tax VOX What you should know about the Earned Income Tax Credit
The IRS marks Earned Income Tax Awareness Day Friday. Given the value of the Earned Income Tax Credit, it is important to remind low-income families that it is a big reason why they should file a tax return, Maag writes.
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Italian elections: Monti vs. Berlusconi and a test of democracy
The upcoming Italian elections are a contest between the populism of short-term fixes championed by Silvio Berlusconi and the long-term reforms of Mario Monti necessary to make Italy’s economy solvent, competitive, and sustainable over the long run.
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The Phil Mickelson effect: Do millionaires flee states with high taxes? (+video)
Golfer Phil Mickelson said he might move to Florida after California raised tax rates on the wealthy. Studies looking into tax flight have come to mixed conclusions.
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Tax VOX How the 'fiscal cliff' deal affects the alternative minimum tax
The newly enacted American Taxpayer Relief Act of 2012 will permanently protect millions of taxpayers from having to pay the alternative minimum tax without Congress having to approve a temporary patch every year or so, Williams writes.
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Phil Mickelson: Quitting golf over higher taxes?
Phil Mickelson has hinted at a move away from California, perhaps the United States, and maybe even away from golf as he seeks to escape punitive taxes. Phil Mickelson says that because of recent changes, he would pay a 62 percent rate on his taxes.
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Tax VOX Did the 'fiscal cliff' deal create the tiniest tax bracket ever?
Under the 'fiscal cliff' deal, singles face a rate of 35 percent if their taxable income falls between $398,350 and $400,000, Gleckman writes. The bracket covers a grand total of $1,650.
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Why Washington and its debt woes eclipse 'jobs' as public's top concerns
The mood shift, which showed up in a new Gallup poll, doesn't coincide with marked improvement in the jobs outlook. Rather, it indicates that Americans are becoming more worried about Washington's management of debt and other fiscal matters.
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Tax VOX Why a budget deal isn't going to happen in 2013
A budget deal is unlikely to happen because all the incentives—both political and economic—are completely wrong, Gleckman writes.
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Rep. Sander Levin: Debt ceiling standoff may make tax reform harder
Michigan's Rep. Sander Levin, top Democrat on the House Ways and Means Committee, says slow-walking the debt ceiling would also undermine prospects for immigration overhaul and tax reform.
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Tax VOX Income tax vs. sales tax: What's better for Louisiana?
A proposal to replace income tax with a higher sales tax in Louisiana could lower compliance and administrative burdens, Harris writes. But it’s not worth asking low-income households to shoulder such a large share of the burden to achieve such a small statewide gain, he adds.
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Tax VOX What the 'fiscal cliff' deal means for states
The 'fiscal cliff' deal means some states will lose revenue they were counting on from scheduled changes in the federal estate tax that won’t happen, Francis writes.
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Surprise! California has a budget surplus
What's rarer than a conservative in Hollywood? A surplus in Sacramento. Gov. Jerry Brown's new budget closes the $25 billion deficit he inherited — and even shows a modest budget surplus.
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Debt-ceiling showdown: 4 reasons it's not a replay of 2011
In 2011, Congress and President Obama went to the brink of government default when congressional Republicans balked at raising the nation's debt ceiling. The spring of 2013 appears to have another debt ceiling fight in store. Here are the top four things that have changed.
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Tax VOX 'Fiscal cliff' II: predictions about the sequel
The "fiscal cliff", which was to be the ultimate forcing mechanism, instead became something of legislative self-parody, Gleckman writes.
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Tax returns on hold till Jan. 30 (+video)
Tax returns Jan. 30? Don't bother trying to file your tax returns early -- and don't count on a quick refund check to help cover holiday expenses. The IRS won't start processing tax returns until Jan. 30.
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Tax reform: If both parties love it, why doesn't it go anywhere?
A speech by the an oil industry lobbying group Tuesday showed how interest groups are influencing the process, worried that they could be the big loser in tax reform.
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Tax VOX Why the 'fiscal cliff' deal is an incentive to give to charity
The "fiscal cliff" deal's phaseout of itemized deductions is really a sneaky way to raise marginal income tax rates and creates an economic incentive to give to charities, Burman writes.
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