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Tax reform economics

I am interested that the two dominant ideas in tax economics over the last 40 years seem to diminish the case for redistributive taxes. First, there are strong arguments on income taxes from James Mirrlees (1971) and a plethora of followers places a premium on relatively flat income tax schedules with a lump-sum income transfer [...]

Here's the Price Tag for CAP's New Child Care Program: About $100 Billion

The Center for American Progress—aka "Hillary's Think Tank"—has released "A New Vision for Child Care in the United States." But it's not really very new. It's just a tax credit that varies with income. If you're at the poverty level, you'd get a tax credit of about $13,000 paid directly to the child care facility of your choice. Show More Summary

Bond Rating and Future Expenditures Are Reasons to Be Cautious With Tax Reform, Says Gov. Deal

Over the weekend, Walter Jones wrote a long story for Morris News on the potential risks of moving to a sales tax and reducing or phasing out the state’s income tax. The idea has drawn a lot of support here in the state where John Linder and his successor Rob Woodall have sponsored the federal […]

The Average Family Pays a Federal Income Tax Rate of 5%

Ross Douthat writes today about the split on taxes between the Republican donor class and the average Republican voter: The donorist vision, in my experience, has its own distinctives: It’s less interested in the specifics of the Laffer...Show More Summary

Doctor Appeals Tax Evasion Conviction Over Alleged Fake Church  

A Mississippi orthopedic surgeon, Dr. Timothy Dale Jackson of Pass Christian, Mississippi, has appealed his conviction for income tax evasion to the Fifth Circuit Court of Appeals. He is serving more than six years in prison. In addition to prison, he was ordered to pay the taxes, a fine, and interest totaling more than $800,000. […]

7th Circuit Holds False Claims Act Qui Tam Awards Are Ordinary Income

The Seventh Circuit Court of Appeals recently addressed the tax treatment of a qui tam relator’s award. This was a matter of first impression in the Seventh Circuit, which handles federal appeals from Illinois, Indiana, and Wisconsin. The taxpayer filed a qui tam action under the False Claims Act, alleging [...]

The source of a global tax dilemma

International income tax is complicated, but its complexity is being used as a smokescreen by people on both sides of the debate to gain mileage.

Tax Roundup, 8/31/15: Low income taxes don’t mean high excise taxes. And: planning for President Bernie.

  I would expect states without an income tax to have high excise taxes, but it’s not so. Liz Malm, How Much Does […]

H&R Block Lobbied to Make Tax Forms Harder for Low-Income People to Fill Out

In late July, the Senate Appropriations Committee approved a 2016 federal agency funding bill that came with instructions to the Internal Revenue Service to vastly expand the paperwork for the Earned Income Tax Credit. This buried provision...Show More Summary

Hillary Clinton and the Capital Gains Tax Rate

The NYT had a piece on the proposals that various candidates have proposed to rein in Wall Street. The piece notes that former Secretary of State Hillary Clinton has proposed applying the normal income tax rate of 40 percent to capital gains on assets held less than two years rather than the 20 percent tax rate. Show More Summary

Traffic Ticket Fines Based on Income?

Over at debate.org, TheUnapologeticTruth asked, “Should traffic tickets be scaled to personal income like taxes?” No matter one’s conclusion, it is helpful that this sort of question is asked every now and then to see if circumstances...Show More Summary

Tax cuts?! Government abandons economic reality

The Abbott Government has committed to income tax cuts without damaging the budget while reducing carbon emissions without increasing energy prices. Abbott says it's down to the Coalition's DNA. But voters may think it's more like DNTA - Do Not Trust Abbott.

CBO Sees A Big Increase In Individual Income Tax Revenues Over The Next Decade

In its semi-annual fiscal update, released this week, the Congressional Budget Office projects that federal revenues will remain flat over the next decade, while spending—mostly for health care and Social Security—will rise. The result: Budget deficits, which have been declining in recent years as the economy has grown, will once [...]

An Unchecked IRS Raises The Stakes for Business

As hard as it may be to believe, Microsoft remains in a dispute with the Internal Revenue Service (IRS) over an audit from ten years ago. The extensive audit by the IRS stems over how tax is calculated for income made by Microsoft overseas. Granted Microsoft is large international company [...]

Here’s How Much Taxes on the Rich Rose in 2013

2013 was a year of many changes to the U.S. tax code, and some of the most significant changes were targeted at raising taxes on high-income Americans. The fiscal cliff tax deal created a new 39.6 percent income tax bracket, raised the top rate on capital gains to 20 percent, and imposed a limitation on itemized deductions for high income Americans. Show More Summary

2013 Tax Changes Raised The Tax Bill On The Wealthiest 2 Percent By $60 Billion

Earlier today, the IRS released Publication 1304, the 2013 Individual Income Tax Returns Complete Report. At 348 pages, it's a behemoth, but it warranted a closer look because 2013 represented a sea change for individual income taxes. In case you forgot, on January 1, 2013, a host of individual tax increases -- [...]

Historical Novel: Could Flaws In Enactment Of 16th Amendment Bring Down Income Tax, Global Economy?

Steve Berry, The Patriot Threat (Cotton Malone Series Book 10) (2015): The 16th Amendment to the Constitution is why Americans pay income taxes. But what if there were problems associated with that amendment? Secrets that call into question decades of tax collecting? In fact, there is a surprising truth to...

How Lobbying Works

Dylan Matthews, writing for Vox on a Senate bill passed at the behest of H&R Block lobbyists, that significantly increases the complexity of the tax forms for lower income Americans: Think about what tax breaks are being targeted here. Show More Summary

Tax cuts will mean more GST: Greens

Bandt says treasurer will need to extend GST in order to pay for promised income tax cuts.

Housing subsidies reduce inequality. But mortgage tax breaks make it worse.

The primary purpose of housing subsidies is, well, to house people. But by doing so, they serve another end: They effectively boost the incomes of many poor Americans, narrowing inequality. A new Urban Institute analysis quantifies exactly how much housing aid helps the needy. Show More Summary

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