Would the economic benefits of devolving full income tax powers to the Scottish Parliament and Welsh Assembly outweigh the costs? Not according to an overwhelming majority of respondents to the monthly survey of the Centre for Macroeconomics (CFM), summarised in this column. Show More Summary
One important common-sense taxpayer protection in the federal income tax code is inflation-indexing. Inflation indexing means that tax brackets (and other important dollar-amount features of the individual income tax, like standard deductions or personal exemptions) are revised annually to reflect price increases that result from inflation. Show More Summary
After winning reelection this month, Maine’s Governor, Paul LePage, announced that he wants to completely eliminate the state’s individual income tax. He would replace the lost revenue by broadening the sales tax base. This sort of swap is generally good tax policy. Show More Summary
In number of firms, pass-throughs are the dominant business type, with over 30 million tax returns in 2011. Pass-throughs are unique in that all pass-through business income is taxed at individual tax rates. Over the last 30 years, the number of pass-throughs has increased substantially. Show More Summary
Who is lying about $4.5 million in unpaid income taxes: Rev. Al Sharpton or the New York Times? The controversy began when Times published a story on Wednesday about Al Sharpton’s rise to success—and his rising tax debt. “Obscured in his ascent, however, is his troubling financial past, which continues to shadow his present. Show More Summary
Institute for Policy Studies and the Center for Effective Government, Fleecing Uncle Sam: A Growing Number of Corporations Spend More on Executive Compensation Than Federal Income Taxes: Of America’s 30 largest corporations, seven (23 percent) paid their CEOs more than they paid in federal income taxes last year. All seven...
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a new study by Center for Effective Government and Institute for Policy Studies. Show More Summary
Andrew Hayashi (Virginia) presents Phantom Income and the Simple Economics of Paying In Kind at Texas A&M today as part of its Business Law Seminar: Modern tax instruments impose cash taxes on non-cash bases. Property taxes, income taxes, gift taxes and estate taxes all must be paid in cash, even...
Alan Macnaughton (Waterloo) presents Income Splitting and Anti-Avoidance Legislation: Evidence from the Canadian “Kiddie Tax” (with Andrew Bauer (Illinois) & Anindya Sen (Waterloo)) at Toronto today as part of its James Hausman Tax Law and Policy Workshop Series: We examine whether “kiddie tax” legislation in Canada, effective as of 2000,...
If you're in the right income tax bracket for the Infiniti Q80 Inspiration, perhaps you'll find inspiration in the extra seat in the back reserved for a bottle of Champagne. Or rosewater. Or possibly a larger bottle of Chubby Kola Champagne. Read more...
The incoming chairman of the House Ways and Means Committee says chances for a tax overhaul will be hurt by a forthcoming immigration executive action by President Barack Obama.
Seven of the 30 largest U.S. corporations paid their CEOs more last year than they paid in federal income taxes, according to a new report. The study found that those seven companies — Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc, Verizon Communications Inc, JPMorgan Chase & Co...
This week, a new report from the Center for Effective Government claims that a number of corporations paid their CEOs more than they paid in federal income taxes. They claim that this reflects the fact that corporations are not paying...Show More Summary
And guess who it benefits most? The highest income earners who drive to work in urban centers
The federal tax code has a weird way of favoring people who drive to work over those who take public transit there. If you're a driver, the federal commuter benefit allows you to spend up to $245 of your pre-tax income each month on parking at work. If you pay to take the bus or […]
Two Washington think-tanks have some jarring figures in a report outlining the case for corporate tax reform: Seven of the top 30 US firms pay more to their CEOs than they pay in federal income tax, according to the Institute for Policy Studies and the Center for Effective Government, and...
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies. Show More Summary
By Darren Smith, Weekend Contributor The Seattle City Council is considering a resolution directing the city Law Department to investigate the possibility of imposing an excise tax on individuals having incomes in excess of one million dollars. Washington has no state income tax. Seattle’s pursuit of this might be attractive to many voters who view […]
The top 20 percent of taxpayers pay a disproportionate share of federal income taxes and total federal taxes, according to a new report by the Congressional Budget Office on the distribution of household income and federal taxes. (For...Show More Summary
This week, the CBO released its estimate of the distribution of household income and federal taxes. This report measures both average household income and average federal tax burden by income quintile in 2011. There are many important...Show More Summary