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Tax Reform & the Low Income Housing Tax Credit

Republicans have promised major tax reform, and Cato has suggestions for policymakers. In today’s Wall Street Journal op-ed, Chris Edwards and I argue for the elimination of the Low Income Housing Tax Credit (LIHTC). For those unfamiliar with the program, LIHTC is a corporate tax loophole that endeavors to create low-income housing. Show More Summary

Illinois Unpaid Vendor Backlog Hits A New Record At Over $16 Billion

Back in July, the state of Illinois narrowly avoided a junk bond rating with a last minute budget deal that included a 32% in hike in income taxes. Republican Governor Bruce Rauner vetoed the budget and called it a "disaster," but both houses of the state legislature voted to override his veto. Show More Summary

US Senate Republican tax chief wants dividend deduction in tax reform

5 days agoNews : The Raw Story

The U.S. Senate’s top Republican on tax policy said on Tuesday that allowing U.S. corporations to deduct dividend payments to shareholders from federal income tax could overcome problems facing Republican efforts to overhaul the U.S. tax code. In a statement at the outset of a tax reform...

IRS Creates Jobs And Entertainment

Be thankful for the federal income tax, one of the economy’s most powerful drivers of employment.

The Tax Consequences of Inheriting Foreign Assets

U.S. taxpayers who inherit foreign assets must handle the tax consequences of their inheritances with great care. In addition to taxing all worldwide income, the U.S. also includes foreign assets in the gift and estate tax calculation, which determines whether estate tax will be assessed. Heirs who receive foreign assets also have to consider their […]

A handful of ultra-rich dynastic families are bleeding the country dry — and destroying American democracy

6 days agoNews : The Raw Story

White House National Economic Council director Gary Cohn, former president of Goldman Sachs, said recently that “only morons pay the estate tax.” I’m reminded of Donald Trump’s comment that he didn’t pay federal income taxes because he was “smart.” And billionaire Leona Helmsley’s “only the...

New State Laws Passed in California

Election Tax Returns In an effort to force present presidents running for re-election and future presidential candidates to release income tax returns, California passed SB249 Disclose Act. California became the first state to require presidential candidates to release their tax returns in order to appear on the state ballot. Lawmakers sent Gov. Jerry Brown AB249 […]

A Plan To Radically Expand the Earned Income Tax Credit

Two Democratic lawmakers are leading the way to fundamentally restructure the EITC, shifting it from a program primarily aimed at helping low-income working families with children to a wage subsidy for even middle-income workers.

How NYC soaks the poor on property taxes, the wealthy on income taxes

With the primary election out of the way, Mayor Bill de Blasio and Republican challenger Nicole Malliotakis have already begun sniping at each other. But if Malliotakis wants to improve her dismal... To view the full story, click the title link.

Snowbirds who plan can land big tax breaks

You can cut income and estate taxes with smart planning. Here's what you need to know before you go.

Withdrawal of Prior Blog Post Regarding Australian Superannuation Funds

Last week we posted about the taxation of Australian superannuation funds potentially being treated as social security under the Australia-U.S Income Tax Treaty. The post explicitly assumed, for argument’s sake, that “superannuation guarantee” was considered part of the social security system of Australia. Show More Summary

A Plan To Radically Expand the Earned Income Tax Credit

Lawmakers of both parties have been talking about restructuring the refundable tax credits, such as the earned income tax credit and the child tax credit,...

House Republican says tax plan won’t have specific rates

last weekNews : The Raw Story

The top Republican tax law writer in the U.S. House of Representatives said on Thursday that he does not expect an upcoming tax reform framework to contain specific numbers on income tax rates for corporations and individuals. “Probably not that specificity,” House Ways and Means...

Republicans Want To Cripple Reagan’s Favorite Anti-Poverty Program

No program other than Social Security has had a bigger impact on reducing poverty than the Earned Income Tax Credit.

Peek Behind the Curtain of Federal Tax Data to See Exactly What Your Portfolio Needs

I get this real time Federal tax collection data every day from the US Treasury's Daily Treasury Statement. It gives us up-to-the-minute information on withholding taxes, estimated individual and corporate income taxes, excise taxes, and others. These tax collections tell us EXACTLY what the US economy is doing at any given point in time. Show More Summary

Cruz wants flat income tax, lower corporate rates

Sen. Ted Cruz Wednesday unveiled a plan to overhaul the nation’s tax code that features a single, flat income tax rate and a simpler system for filing taxes. The Texas … Click to Continue »

TRUMP: Congress should 'move fast' on the 'biggest Tax Cut & Tax Reform package in the history of our country'

The Republican plan to slash corporate and personal income taxes has finally begun moving forward in Congress, and President Donald Trump wants lawmakers to act with haste. In a tweet Wednesday, Trump urged Republicans to "move fast"...Show More Summary

Using tax data to measure long-term trends in U.S. income inequality

That topic has been knocking around for some time, with varying opinions.  I’ve now seen the clearest and most thorough treatment to date, namely from Gerald Auten and David Splinter.  It hasn’t received that much attention, perhaps because the results don’t have such a strong built-in constituency, but here goes: Previous studies using U.S. Show More Summary

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