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Congressional staffer accused of failing to file taxes for five years

Staffer falsely claimed that he was exempt from income taxes, prosecutors say.

How the U.S. Corporate Tax Rate Compares to the Rest of the World

Most countries tax some form of corporate income. However, the rates differ around the world, ranging from 0% in Bermuda to 55% in United Arab Emirates. The rest of the world, of course, falls somewhere in between. The GDP-weighted worldwide average is just under 30 percent. Show More Summary

Tax Roundup, 8/22/16: USA #1! I’m not talking about medal counts. Also: links on AIRbnb taxes, scams, frivolity and much more!

Beat the corporations until their morale improves. The Tax Foundation last week updated their Corporate Income Tax Rates around the World, 2016: […]

APTC Hacks — defining terms

Advanced Premium Tax Credits (APTC) are how people get subsidized to buy Qualified Health Plans (QHP) on Exchange.  They are based on an individual’s income as determined by their family unit’s Federal Poverty Line (FPL) percentage and the cost of the second least expensive Silver plan offered on Exchange in their area.  The subsidy arrangement […]

U.S. Corporate Tax Rate Is Third Highest In World Among 173 Countries, Behind Only Chad, United Arab Emirates

Tax Foundation, Corporate Income Tax Rates around the World, 2015: It is well known that the United States has the highest corporate income tax rate among the 34 industrialized nations of the Organisation for Economic Co-operation and Development (OECD). However, it is less well known how the United States stacks...

What’s the Remedy for This Income Tax Mess?

A recent Tax Court case, Cappel v. Comr., reminds taxpayers that tax danger lurks in every child support situation. Usually, divorcing couples avoid the consequences, but sometimes one of the two behaves in a way that makes a mess of...Show More Summary

50(d): What Does It Mean for the Tax Credit Market?

Last month, we wrote in SOURCE that after years of anticipation, a 50(d) income ruling would soon be released. Sure enough, the Internal Revenue Service (IRS) issued temporary regulations in the Federal Register on July 22. In its issuance,...Show More Summary

WHY IT MATTERS: Income inequality

The average income for the top 1 percent of households climbed 7.7 percent last year to $1.36 million, according to tax data tracked by Emmanuel Saez, an economics professor at the University of California, Berkeley. [...] incomes for...Show More Summary

How Much Should We Tax CEOs?

Many politicians have called for raising tax rates on top earners to combat income inequality. Both Senator Bernie Sanders (I-VT) and Democratic Presidential nominee Hilary Clinton have in particular expressed concerns about executive compensation, repeating a commonly cited but misleading statistic about CEO pay. Show More Summary

Apple CEO Says Company Won't Bring Home Money Parked Overseas Until Tax Rates Are 'Fair'

Apple CEO Tim Cook recently fielded questions on Apple's tax practices, including the company's decision not to repatriate income earned overseas - at least not just yet. Cook invoked the "f" word when talking about offshore income,Show More Summary

South Dakota Seeks To Hire A Tax Clinic Director

The University of South Dakota School of Law invites applications for the position of Low Income Taxpayer Clinic (LITC) Director: The position is non-tenure track and paid out of a federal grant beginning no later than January 2017. Continued employment is contingent on availability of grant funding. The Director will...

Federal Taxes Are Very Progressive

Tax Vox: Federal Taxes Are Very Progressive, by Robertson Williams: The US federal tax system is highly progressive, primarily because individual income tax rates rise sharply with income and refundable tax credits lead to negative income taxes for households with low income. Updated estimates from the Tax Policy Center project...

Clinton v. Trump: What Happens To Your Income Taxes?

David Cay Johnston, Clinton vs. Trump: What Happens to Your Income Taxes?: Let’s look at a few of the more curious aspects of the Clinton and Trump plans for individual income tax now that both candidates have put out reasonably comprehensive proposals they promise to take to Congress next year....

Addressing Poor Arguments Against the Interest Deduction

The tax reform proposal recently released by the House Republicans would be strongly pro-growth and greatly reduce income tax biases against saving and investment. The only major provision that would be inconsistent with a purely neutral...Show More Summary

Mason:Citizenship Taxation

Ruth Mason (Virginia), Citizenship Taxation, 89 S. Cal. L. Rev. 169 (2016): The United States is the only country that taxes its citizens’ worldwide income, even when those citizens live indefinitely abroad. This Article critically evaluates the traditional equity, efficiency, and administrability arguments for taxing nonresident citizens. It also raises...

The Corporate Income Tax is Most Harmful for Growth and Wages

One of the biggest debates in economics has been the question of who bears the real economic burden of corporate taxes: shareholders through lower returns, consumers through higher prices, or workers through lower wages. In an essay (here) in today’s Wall Street Journal, economist Kevin A. Show More Summary

Top Marginal Tax Rates and Real Economic Growth, Part 1

This post looks at the relationship between the top marginal income tax bracket and growth in real GDP per capita (from NIPA table 7.1) in the subsequent year or years.

How Much Does Trump Pay in Taxes?

Mitt Romney was excoriated during the 2012 presidential campaign for paying $4.9 million in federal income tax, or an average of just 14 percent of his adjusted gross income, in the two years for which he released returns. No one should be surprised, though, if Donald J. Show More Summary

Top Marginal Tax Rates and Real Economic Growth, Part 1

by Mike Kimel Top Marginal Tax Rates and Real Economic Growth, Part 1 This post looks at the relationship between the top marginal income tax bracket and growth in real GDP per capita (from NIPA table 7.1) in the subsequent year or years. The first graph shows the top marginal income tax rate on a […]

My Presidential Policy Platform

I do not expect you to agree with all of my ideas, but unlike my critics, I have ideas. They actually work. Here they are. MY ECONOMIC POLICY: 1) Massive supply-side income tax cuts 2) Capital Gains tax cuts, 0% rate on those with < 100k in stocks. 3) Eliminate all estate taxes. 4) Reduce […]

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