Did you know that the clergy get tax breaks? Neither did we. Apparently there's a section in the federal tax code that allows "a minister of the gospel" to not include rental allowances in gross income calculations for tax purposes.......
As Americans age, more and more of the tax burden will be borne by older taxpayers. In 1997, 61 percent of all income taxes were paid by taxpayers over age 45. Today, that burden has jumped to 74 percent. The biggest increase has been in the tax share paid by taxpayers between 55 and 65. Show More Summary
Every year, the IRS adjusts the federal tax brackets for inflation. This prevents "bracket creep" where inflation causes a taxpayer's income to be pushed into a higher income tax bracket even though the taxpayer has earned no additional income. Show More Summary
AIN'T NO PROBLEM WITH FOLLOWING YOUR ECONOMIC INTERESTS. THAT'S WHY I LIVE IN TAMPA, NO STATE INCOME TAX AND LOTS OF SPEEDBOATS.
In the latest tax reform plan floated in Salem, the inclusion of a sales tax is not the problem. The problem is that the plan uses a sales tax to pay for a big income tax cut for wealthy Oregonians. Commendably, Senator Mark Hass and...Show More Summary
So, it turns out that David Cameron is a tax-cutter after all. Figures revealed today show that the "low-tax" PM has made good: believe it or not, in 2011/12 the taxman took £590 less in income tax from each of us than the previous year (the Government also took £221 less in National Insurance). No wonder [...]
Martin Lobel (Lobel Novins & Lamont, Washington, D.C.), Eliminate the Corporate Income Tax and Level the Playing Field, 141 Tax Notes 967 (Dec. 2, 2013): Lobel offers a proposal that would level the playing field between traditional C corporations and passthrough business entities, while achieving the goals of simplicity and...
One of the craziest things about the U.S. tax code is that it deems all income, even that obtained via illegal means, taxable. Many states also subscribe to this taxation tenet, particularly when it comes to drugs. They require sellers of marijuana and/or illicit narcotics to purchase drug stamps. Show More Summary
(November 29, 2013 11:59 PM, by David Henderson) An Exemption is not a Credit A steeply progressive income tax combined with generous dependent deductions ($500 originally, later raised to $600) played some unquantifiable part in stimulating the Baby Boom and family stability for a generation after the war.... (2 COMMENTS)
You don't want to pay any more in taxes than you have to. Use these methods to get more tax-free income and pay less in tax.
A chart showing the average income earned by taxpayers in different age groups, using tax data from the year 2011.... Read Full Post
New York state voters from every region and from all income levels support allowing Mayor-elect Bill de Blasio to raise taxes on those earning $500,000 or more to pay for expanded education programs, according to a new poll by Quinnipiac University. Show More Summary
If you're hitting the road to a new destination this Thanksgiving holiday, you've probably been looking at a road map. Take a tax break from those red and blue highways and check out the even more colorful Tax Foundation's map of possible tax bracket creep across the United States. Show More Summary
A roundup of economic news from around the Web.
Tax planning for the Net Investment Income Tax is similar to traditional tax planning. The goal is to manage net investment and adjusted gross income in an effort to reduce the amounts that are subject to tax. However, the net investment...Show More Summary
An important but often overlooked characteristic of the tax code is whether or not it is indexed for inflation. Inflation indexing means that tax brackets (and other important dollar-amount features of the individual income tax, like...Show More Summary
Under regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower. A homeowner who has $100,000 in...
It would be easy to finance a big increase in Social Security by applying FICA taxes to income over $750K for Human Persons, and $10 million for Corporate Persons, Endowments, Trusts and other forms of hiding wealth.
A federal judge in Wisconsin has struck down a law that exempts clergy members from paying income taxes on housing allowance, declaring it unconstitutional in a case filed by Freedom From Religion Foundation. Family Research Council called the judgment "supreme arrogance."
So holds yesterday’s Freedom From Religion Foundation v. Lew (W.D. Wisc. Nov. 22, 2013). Section 107(2) of the Federal tax code exempts from the income of “a minister of the gospel” (read broadly to not just be limited to Christian denominations)...Show More Summary