Corporations are finding ways to legally avoid paying federal taxes, causing business income tax revenue to be stagnant.
Via William T. and others, a Tax Court has ruled on the taxability of points programs under certain circumstances. The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the...Show More Summary
There's a kind of time bomb built into the Obamacare exchanges. Next year an unknown but probably significant number of low income people are going to discover they owe the IRS money through no fault of their own. Those who fail to file a tax return acknowledging this unexpected liability will lose their access to health care subsidies. Show More Summary
Richard J. Vann (Sydney), Policy Forum: The Policy Underpinnings of the BEPS Project-Preserving the International Corporate Income Tax?, 62 Canadian Tax J. 433 (2014): The OECD/G20 Action Plan on Base Erosion and Profit Shifting (BEPS) is receiving significant attention from taxpayers and national governments. Because the action plan is about...
The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the value of an airline ticket received by the taxpayer upon redemption of 50,000 "Thank You Points" from opening a Citibank account. Shankar v. Commissioner, 143 T.C. No. 5 (Aug....
Obamacare is going to be an unexpected headache for some people when tax time rolls around next year. As the Associated Press reported this week, income changes over the course of the year could end up chewing into tax refunds without...Show More Summary
Jared has a few more points in response to my least post -- certainly very reasonable concerns. As far as his comparison of me to Mr. Burns, I'll just say "excellent!"
From Michael Mazerov of the CBPP: More Evidence That State Income Taxes Have Little Impact on Interstate Migration: The New York Times’ Upshot blog has published a fascinating set of graphs of Census Bureau data on interstate migration patterns since...
malerapaso Many Americans have traditional Individual Retirement Accounts, where your annual contributions are reduced from your taxable income, yielding a tax deduction now, but your withdrawals are taxed. And many also have Roth IRAs,...Show More Summary
I see that my friend Jared Bernstein has some more thoughtful (if mistaken) arguments on ending the corporate income tax. I recognize his concerns about giving more money to the people who have the most (hey, it’s the American Way),Show More Summary
The Center on Budget and Policy Priorities’ Michael Mazerov has a blog post out today covering the same Upshot blog migration tool we covered recently. Mazerov points out that states with no income tax appear to have done a worse job...Show More Summary
Chuck Todd, the new host of NBC's Meet The Press, suggested that Americans who do not pay income tax fund public education more than the rich by buying lottery tickets and going to casinos. While interviewing Ben Carson on CSPAN's After...Show More Summary
This work week, I'm in Florida, a place the hubby and I lived for six years and one of the seven states without a personal income tax on wages. I came here from Texas, another no-income tax state. My current and former neighbors in both...Show More Summary
Justin Fox Who Pays Corporate Taxes? Possibly You: Who pays corporate income taxes? Just one thing’s for sure: it’s not corporations.... For a long time it was thought the owners paid the tax. That belief can be traced largely...
My friend Jared Bernstein had a piece in the NYT warning against plans to eliminate the corporate income tax. He argues that the corporate income is paid primarily by owners of capital, who in turn are primarily wealthy people. Therefore, if we eliminate the corporate income tax we will be giving a big tax break to the wealthy. This is largely true. Show More Summary
GE is sitting on over $100 billion in profits overseas, afraid to pay US taxes on that haul. I'll let Robert Reich make the argument. It's time we eliminated the corporate income tax and made up the shortfall by increasing capital gains taxes. Show More Summary
If your income has jumped since you applied for insurance under the health care law, you could be in for an unwelcome surprise on tax day next year
Millions of Obamacare patients receiving taxpayer-funded subsidies are in jeopardy of having the Internal Revenue Service (IRS) seize portions of their tax refunds due to unreported rises in personal income. "More than a third of tax...Show More Summary
With new IRS guidance on taxing crypto-currency trading, it can be a bit complicated for Bitcoin enthusiasts to figure out how much capital gains and income tax they owe. Losses and gains are subject to a capital gains tax, which means you have to remember Bitcoin’s valuation at the point you bought the currency and at the point you sold it. Show More Summary
Saturday: Slate: 170+ LSAT Scorers Are Returning to Law School IRS Releases 2012 Individual Income Tax Return Data Academics and the Social Network The IRS Scandal, Day 471 Sunday: WSJ Bull Market, Possible Cutbacks in Charitable Deduction & Spate of Inversions Drive Surge in Donor-Advised Funds Number of Prospective Law...