Currently Illinois state constitution requires a flat tax on income. Even with the flat tax, Democrats have hiked taxes again and again, on individuals and corporations.The results speak for themselves - Illinois population is shrinking. Show More Summary
Just in time for this year’s tax filing season, the Tax Center has updated its marriage bonus and penalty calculator. The new calculator lets you see how marriage affects a couple’s income tax liability by comparing their tax bills filing as singles and as a couple for either the 2013 or 2014 tax year. A [...]
Stephen E. Shay (Harvard) presents Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig? (with J. Clifton Fleming (BYU) & Robert J. Peroni (Texas)) at Temple today as part of its Tax Policy & Administration Colloquium Series hosted by Alice Abreu & Andrea Monroe: [T]he...
Expanding the Earned Income Tax Credit to childless adult workers would help pull more people out of poverty and add tax fairness, an economist writes.
The deadline is looming: If you don’t have approved insurance coverage by March 31 (and are not exempt from the requirement), the Affordable Care Act will hit you with a penalty on your 2014 income tax return. It is often said the tax is $95, but for many people it will be much more. A […]
Conservative firebrand Senator Ted Cruz (R-TX) kicked off CPAC 2014 this morning urging Republicans to replace the IRS with a smaller agency that would collect postcard-sized income tax returns. “Liberty is under assault.” – Millions have lost hope because the … Continue reading ?
Recently, Congressman Dave Camp (R-MI), the chairman of the House Ways and Means Committee, released the details of his tax reform proposal. One of the claims is that the proposal slightly lowers the top marginal tax rate on dividend and capital gains income. Show More Summary
Obama wants childless workers to receive the Earned Income Tax Credit. Republicans say they do too. So why won't it happen? Blame the tyranny of deficit hawks.
Gerald E. Auten (Office of Tax Analysis, U.S. Treasury Department) presents New Perspectives on Income Mobility and Inequality at Pennsylvania today as part of its Center for Tax Law & Policy Seminar Series hosted by Michael Knoll, Chris Sanchirico, and Reed Shuldiner: This study examines several dimensions of income mobility...
Philip Bump highlights some of the proposals in the 2015 budget the White House released yesterday: Remove tax loopholes for the wealthy. Obama calls for taxing certain hedge fund and private equity earnings as income instead of capital gains, which are taxed at a lower rate, as Time reports. It would also eliminate a loophole that lets some individual […]
Calculating income taxes is a royal pain, even when your situation is uncomplicated enough that you can file a 1040EZ Form. And if you're self-employed, be prepared for extra layers of complexity. Not only must you file an annual return...Show More Summary
By Frank MoraesJonathan Chait has a good article about Obama's new budget plan, Obama To Republicans: You're Right, Let's Expand The Earned Income Tax Credit. After Obama started talking about raising the minimum wage, the whole Republican...Show More Summary
Whenever Democrats start talking about raising the minimum wage, Republicans respond that this is a dumb way to help the working poor. Instead, we should raise the Earned Income Tax Credit. That's way more economically efficient. Maybe so. Show More Summary
There is, however, one very promising new initiative in the president’s budget proposal. He calls for a large expansion of the earned income tax credit (EITC), a program that greatly increases the incomes of poor households headed by a working adult.
Nick Clegg has lamented the Tories’ inconsistency and hostility towards raising the income tax threshold. Following his speech at the Royal United Services Institute this morning, Clegg was asked about the progress of talks with the Conservatives about raising the tax threshold in the next Budget. Clegg told journalists: “I’ve been long of the view […]
By Patrick B. McGuigan | Oklahoma Watchdog OKLAHOMA CITY — Proposals to reduce Oklahomans’ income taxes are back on track in the state Legislature, but with a twist. SOONER RATHER THAN LATER: Dave Bond, CEO of OCPA Impact, is pressing the Oklahoma state Legislature to enact an income tax cut to take effect this year... Show More Summary
Of course most NYT readers are well aware of the fact that the government is projected to spend around $48.5 trillion over the next decade, so they realized that President Obama's proposal to spend $60 billion more on the Earned Income Tax Credit is no big deal in terms of overall spending. Show More Summary
Alvin C. Warren (Harvard), Deferral and Exemption of the Income of Foreign Subsidiaries: A Review of the Basic Analytics: Current proposals to replace the U.S. foreign tax credit with an exemption for the income of foreign subsidiaries of U.S. companies make timely a review of the basic analytics of taxation...
One of the two principal figures in charge of rewriting the nation’s income tax laws is Republican Dave Camp of Michigan, chairman of the all-powerful House Ways and Means Committee. Last week he released an extremely comprehensive tax code overhaul...
Saturday: Thomas Jefferson Offers Guaranteed 3-Year 'Merit' Scholarships: 2.0 GPA/140 LSAT = $3k; 2.5 GPA/158 LSAT = $132k Law School Rankings by Net Bar Passage Required, Full-time, Long-term Jobs The United States of Income Tax The IRS Scandal, Day 296 Sunday: A Taxing Oscars: $80,000 Swag Bags, Tax Policy, and...