|Filed Under:||Business & Finance|
|Posts on Regator:||415|
|Posts / Week:||1.3|
|Archived Since:||February 28, 2011|
The Trump administration's claims about its 2018 spending proposal only hang together thanks to that hypothetical kitchen device, a big dose of supply side economics, and a black box the size of an aircraft hanger.
President Trump would cut tax rates to 15% on partnerships and other pass-through businesses. Such a proposal could reduce revenue by up to $2 trillion and mostly benefit the highest-income 1% of households.
Like many of the five million tax filers who must pay the Alternative Minimum Tax (AMT), I am trapped. I wrote a big check to the IRS last month, but that’s not what bothers me. I don’t like having to calculate my taxes twice with two sets of complex tax rules.
President Trump proposed three new tax rates, but he didn't say who would pay each of those rates. It matters, a lot.
Everyone is focusing on what the House health plan means for insurance. But the net effect of its tax provisions would be a tax increase for the lowest-income households averaging $10 in 2022 and an average tax cut of $207,000 for the top 0.1 percent.
Trump's child care proposal during the campaign would deliver 70 percent of benefits to families with income of at least $100,000. Making the child and dependent care tax credit (CDCTC) refundable would be a step in the direction, but would not create tax-benefit parity with high-income families.
Throwback. Backwards. Illogical. That's how some describe an emerging Air Force initiative to field light attack aircraft. Powered by a turboprop engine, and looking remarkably like their forebears from World War II, the concept nonetheless promises to meet an urgent need that jet fighters cannot.
President Trump's one-page tax outline raises more questions than it answers.
The president did a masterful job creating a sense of drama, ordering his staff to get a plan done by today, The result appears to be mostly a cut-and-paste job of his last campaign proposal onto White House stationary. The plan would add trillions in debt, and it's likely DOA in Congress.
Attorney General Jeff Sessions suggested a southern border wall could be paid for by reducing erroneously issued tax credits to “mostly Mexicans.” He's wrong. The credits in question are not being issued improperly; there is no evidence that Mexicans are recipients of the erroneous credits.
President Trump’s tax reform announcement tomorrow reportedly will include a 20 percentage point cut in the top corporate income tax rate— from 35 percent to 15 percent. It could be part of a thoughtful reform, but, by itself, it would create a gigantic loophole for high-income individuals.
If the government shuts down, IRS employees will likely be furloughed, which by one estimate could freeze roughly $8 billion in refunds owed to 2.5 million families, some of whom may be depending on the money to pay bills or fund big purchases.
New polls show that most Americans are relatively satisfied with their federal income taxes. What will that mean for a 2017 tax bill?
Donald Trump's views on taxing cross-border transactions are ever-evolving. His most recent comments add to the confusion.
Will the public ever get engaged in the 2017 tax debate? Nope, at least if they follow past history.
With less than two weeks to go before Americans must file their 2016 federal income tax returns, those who didn’t have required health insurance coverage last year have a decision to make: Do they report their lack of coverage and pay a penalty or ignore the law and blow off the tax.
The White House briefly considered a carbon tax to go along with its repeal of climate change regulations. Too bad it backed off, it might have been a good idea.
Republicans are fighting among themselves over tax credits versus tax deductions. But how are they different?
A new study finds that people's attitudes about taxes change when they learn new information about law. It even changes their view about whether their own taxes are fair.
White House aides are saying tax reform will be easier than remaking health care. Hah. There's a good reason why a major rewrite of the tax code has not happened for more than three decades. And here are eight more as to why true tax reform will be an even tougher climb now.