In today's Daily Deduction, Tax VOX reports that President Obama's fiscal 2015 budget will include about $1 trillion in new taxes as several states look to make tax changes of their own.
The House will release a tax plan on Wednesday that would cut the top individual tax rate to 25 percent. Read on for the GOP's tax proposal and and teh rest of today's tax news.
AT&T's Randall Stephenson, chairman of the Business Roundtable, said US economic growth has been 'substandard,' and could be much higher. He called for tax reform and immigration reform to help drive investment.
Senate Democrats have proposed closing over a dozen tax 'loopholes' as part of a budget package. Gleckman examines how closing these 'loopholes' could be beneficial to the budget but why it's unlikely to happen.
State-legal marijuana producers and retailers are seeking to take advantage of deductions they are now denied under their ambiguous legal status. But some may want to get into the tax system just so they can harvest the many generous deductions it offers.
In Washington's current dysfunctional atmosphere, attempts at real tax reform are likely to get lost in the cacophony, Gleckman writes. But for many in Washington, replacing serious debate with loud short-term squabbles over phony fiscal crises is exactly the idea.
The Internal Revenue Service may need to be restructured after the agency was found improperly targeting conservative groups seeking nonprofit status, say Rep. David Camp (R) and Sen. Max Baucus (D), chairmen of congressional tax-writing committees.
Lawmakers have plenty of questions for Lois Lerner, the IRS official who ordered the targeting of conservative groups to stop, concerning her past statements. She said she did nothing wrong, but invoked her Fifth Amendment rights.