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The Smith Commission on Scottish devolution: A survey of UK-based macroeconomists

Would the economic benefits of devolving full income tax powers to the Scottish Parliament and Welsh Assembly outweigh the costs? Not according to an overwhelming majority of respondents to the monthly survey of the Centre for Macroeconomics (CFM), summarised in this column. Show More Summary

Which States Adjust Their Income Tax Brackets for Inflation?

One important common-sense taxpayer protection in the federal income tax code is inflation-indexing. Inflation indexing means that tax brackets (and other important dollar-amount features of the individual income tax, like standard deductions or personal exemptions) are revised annually to reflect price increases that result from inflation. Show More Summary

Maine's Governor Proposes to Replace the Income Tax with a Broader Sales Tax

After winning reelection this month, Maine’s Governor, Paul LePage, announced that he wants to completely eliminate the state’s individual income tax. He would replace the lost revenue by broadening the sales tax base. This sort of swap is generally good tax policy. Show More Summary

95 Percent of Businesses Pay Taxes at Individual Tax Rates

In number of firms, pass-throughs are the dominant business type, with over 30 million tax returns in 2011. Pass-throughs are unique in that all pass-through business income is taxed at individual tax rates. Over the last 30 years, the number of pass-throughs has increased substantially. Show More Summary

Al Sharpton And The New York Times Clash—Which Side Is Lying About Owed Taxes?

Who is lying about $4.5 million in unpaid income taxes: Rev. Al Sharpton or the New York Times? The controversy began when Times published a story on Wednesday about Al Sharpton’s rise to success—and his rising tax debt. “Obscured in his ascent, however, is his troubling financial past, which continues to shadow his present. Show More Summary

Seven Companies Spent More on CEO Pay Than Federal Taxes

Institute for Policy Studies and the Center for Effective Government, Fleecing Uncle Sam: A Growing Number of Corporations Spend More on Executive Compensation Than Federal Income Taxes: Of America’s 30 largest corporations, seven (23 percent) paid their CEOs more than they paid in federal income taxes last year. All seven...

These 7 Firms Paid Their CEO Over 60% More Than Uncle Sam

Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a new study by Center for Effective Government and Institute for Policy Studies. Show More Summary

Hayashi Presents Phantom Income and the Simple Economics of Paying In Kind Today at Texas A&M

Andrew Hayashi (Virginia) presents Phantom Income and the Simple Economics of Paying In Kind at Texas A&M today as part of its Business Law Seminar: Modern tax instruments impose cash taxes on non-cash bases. Property taxes, income taxes, gift taxes and estate taxes all must be paid in cash, even...

Macnaughton Presents Income Splitting and Anti-Avoidance Legislation Today at Toronto

Alan Macnaughton (Waterloo) presents Income Splitting and Anti-Avoidance Legislation: Evidence from the Canadian “Kiddie Tax” (with Andrew Bauer (Illinois) & Anindya Sen (Waterloo)) at Toronto today as part of its James Hausman Tax Law and Policy Workshop Series: We examine whether “kiddie tax” legislation in Canada, effective as of 2000,...

This Infiniti Concept Has A Champagne Bottle Car Seat

yesterdayVehicles / Cars : Jalopnik

If you're in the right income tax bracket for the Infiniti Q80 Inspiration, perhaps you'll find inspiration in the extra seat in the back reserved for a bottle of Champagne. Or rosewater. Or possibly a larger bottle of Chubby Kola Champagne. Read more...

Ryan: Obama Immigration Action Would Hurt Tax Overhaul Prospects

The incoming chairman of the House Ways and Means Committee says chances for a tax overhaul will be hurt by a forthcoming immigration executive action by President Barack Obama.

These seven corporations make billions in profit — and have tax rate of negative 2.5 percent

yesterdayNews : The Raw Story

Seven of the 30 largest U.S. corporations paid their CEOs more last year than they paid in federal income taxes, according to a new report. The study found that those seven companies — Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc, Verizon Communications Inc, JPMorgan Chase & Co...

A Confused Report on Corporate Taxes

This week, a new report from the Center for Effective Government claims that a number of corporations paid their CEOs more than they paid in federal income taxes. They claim that this reflects the fact that corporations are not paying...Show More Summary

US tax break on parking puts 820,000 extra cars on the road, costs $ 7.3 billion

And guess who it benefits most? The highest income earners who drive to work in urban centers

Congress would rather you drive to work than take public transit

The federal tax code has a weird way of favoring people who drive to work over those who take public transit there. If you're a driver, the federal commuter benefit allows you to spend up to $245 of your pre-tax income each month on parking at work. If you pay to take the bus or […]

7 Corporate Giants Pay CEOs More Than Uncle Sam

Two Washington think-tanks have some jarring figures in a report outlining the case for corporate tax reform: Seven of the top 30 US firms pay more to their CEOs than they pay in federal income tax, according to the Institute for Policy Studies and the Center for Effective Government, and...

7 of Top 30 Corporations Paid CEOs More Than IRS

Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies. Show More Summary

Seattle City Council To Study Possible “Millionaires Tax

2 days agoNews : Jonathan Turley

By Darren Smith, Weekend Contributor The Seattle City Council is considering a resolution directing the city Law Department to investigate the possibility of imposing an excise tax on individuals having incomes in excess of one million dollars. Washington has no state income tax. Seattle’s pursuit of this might be attractive to many voters who view […]

Federal Taxes in the United States Are Progressive

The top 20 percent of taxpayers pay a disproportionate share of federal income taxes and total federal taxes, according to a new report by the Congressional Budget Office on the distribution of household income and federal taxes. (For...Show More Summary

CBO: Overall Federal Taxing and Spending is Progressive

This week, the CBO released its estimate of the distribution of household income and federal taxes. This report measures both average household income and average federal tax burden by income quintile in 2011. There are many important...Show More Summary

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