POLITICALLY, IT’S A DEADLY SIN TOO: The United States of Envy: Income redistribution will lead to high unemployment, crushing tax rates, and the end of innovation.
If it hurt to write that check to Uncle Sam, you’re not alone: personal income taxes have risen in 21 out of 34 Organization for Economic Cooperation and Development (OECD) countries in recent years. The biggest increases overall were reported in Portugal, the Slovak Republic and the United States. Today, Americans pay out about a [...]
Maciej H. Kotowski (Harvard), David A. Weisbach (Chicago) & Richard J. Zeckhauser (Harvard), Audits as Signals, 81 U. Chi. L. Rev. 179 (2014): A broad array of law enforcement strategies, from income tax to bank regulation, involve self-reporting by regulated agents and auditing of some fraction of the reports by...
Tax revenue as a percent of GDP is one metric many use to gauge how much corporate income tax revenue the United States is raising. The advantage of this metric is that it controls for the size of the economy and gives people a readily...Show More Summary
Peter Prescott (Butler University, College of Business), Taxing Luck, 83 Miss. L.J. 117 (2014): Luck, income, wealth, and taxation have always been, and still are, inexorably intertwined. The connection between the latter three is obvious and driven by practical necessity—one cannot collect a tax from someone who has nothing to...
The gig economy seems a lot less cuddly come tax season, especially for the underemployed who provide raw material and have come to depend on startups like Airbnb for income. Read more...
The modern conservative movement has become obsessed with eliminating all taxes all the time on anyone who isn't poor. They think people too poor to pay income taxes should pay a lot more, but apparently anyone who has been successful in any way should not be forced to pay. Show More Summary
Linda Sugin (Fordham), Payroll Taxes, Mythology, and Fairness, 51 Harv. J. on Legis.___ (2014): As the 2012 fiscal cliff approached, Congress and President Obama bickered over the top marginal income tax rate that would apply to a tiny sliver of the population, while allowing payroll taxes to quietly rise for...
The Affordable Care Act imposes economic burdens that are the equivalent of taxes, an economist writes.
Supreme Court Justice Antonin Scalia, speaking at the University of Tennessee College of Law on Tuesday, was asked by a student about the constitutionality of the income tax.
AMERICANS filed their income taxes yesterday, swearing that “under penalties of perjury...to the best of my knowledge and belief, they are true, correct, and complete.” Former defence secretary Donald Rumsfeld has admitted that his return may be none of the above. Show More Summary
As predictable as the media silence to follow comes the news that New York City's new left-wing mayor, who ran on a platform based in large part on raising taxes, paid an effective 8.3% tax rate in 2013 based on a total income of over $200,000. Show More Summary
“I have sent in our federal income tax and our gift tax returns for 2013,” Rumsfeld wrote. “As in prior years, it is important for you to know that I have absolutely no idea whether our tax returns and our tax payments are accurate.” In his letter, Rumsfeld attributed his ignorance of whether he paid […]
I’m writing this assuming everyone survived the prophetic implications of the blood moon, but maybe the April 15 income tax deadline is a form of judgment. With the movie version set to release, a now 14-year-old Colton Burpo affirms the story on which Heaven is for Real is based. Jamie Wright notes correctly that the […]
Robert J. Peroni (Texas) presented Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig? (with J. Clifton Fleming (BYU) & Stephen E. Shay (Harvard) at UNLV ysterday as part of its Faculty Enrichment Series: [T]he authors argue that formulary apportionment and the current standard, arm's...
Filing a tax return after the April 15th deadline typically isn't any different than the normal procedures. Be sure you have all your tax-related documents for income and deductions, prepare your tax returns, review the return for completeness and accuracy, and file the tax return with the IRS. Show More Summary
New York’s rich are getting richer while you ain’t. Bet on it. An analysis of tax returns by the Independent Budget Office shows that members of the city’s top 1% saw incomes surge by a more-than-healthy 17% between 2009 and 2011 as Wall Street bounced back from the Great Recession.
WASHINGTON — Republican Jim Oberweis, a candidate for the U.S. Senate, today released the 1040 forms of his 2012 and 2013 federal tax returns.
The Illinois Department of Revenue expects heavy traffic on its website today as last-minute income tax returns roll in. [ more › ]
What if you could skip filing your tax returns altogether? Here’s how it would work: the IRS would use data about your income and tax payments from your employer, banks and other sources to estimate your tax liability. When tax time rolled around, you'd could voluntarily verify and adjust the data and hit submit. It would […]