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Volokh: With State Income Taxes No Longer Deductible, Will States Switch To Payroll Taxes?

Eugene Volokh (UCLA), Now That State Income Taxes Aren’t Going to be Deductible, Will States Switch to Payroll Taxes?: [S]ay California replaces the state income tax (at least for employment income) with a state payroll tax that’s paid by the employer, and that it comes in at the same amount...

GOOD QUESTION: Now that state income taxes aren’t going to be deductible, will states switch to p…

GOOD QUESTION: Now that state income taxes aren’t going to be deductible, will states switch to payroll taxes?

Breaking: Senate Says No on Rubio-Lee

The Senate just voted to reject the Marco Rubio-Mike Lee child tax credit amendment to the GOP Senate Tax Bill by 71 to 29. The amendment would have made the child tax credit refundable against the payroll tax, resulting in higher immediate take-home pay for parents. Show More Summary

Parents and the Payroll Tax

Ramesh below is absolutely right about the case for the Lee-Rubio amendment making the child tax credit refundable against both income and payroll taxes, and about the weakness of the case against it.  If there’s a point I’d press aShow More Summary

The effects of employer payroll tax cuts

Cuts to the employer portion of payroll taxes are often discussed as a policy lever to reduce labour costs for firms. This column examines the effects of a Swedish experiment which dramatically cut employer payroll taxes for young workers between 2007 and 2015. Show More Summary

South Carolina Bank Involved in Employment Tax Fraud Scheme

The former Vice President of a South Carolina-based bank has pleaded guilty to conspiring to defraud the United States by participating in an employment tax fraud scheme that resulted in over $1 million in unpaid payroll taxes. This case shows that the Department of Justice will go after those who are complicit in employment tax […]

6 teams will pay the luxury tax this year, and yes of course one of them is the Yankees

The Red Sox and Dodgers are also on the hook this season. There are six MLB teams that are expected to pay the luxury tax this year, according to payroll reports obtained by USA Today. Based on that report, not only will the YankeesShow More Summary

A few random thoughts on Taxes

A few random thoughts...Income and corporate taxes are just part of the tax system. Americans pay a wide variety of taxes. These include sales, property, payroll, state and Federal income and corporate taxes, and more. Many of these taxes are regressive, meaning that lower income families pay a higher percentage of their income for these taxes. Show More Summary

Stocks Shrug At Trump Tax Plan As VIX Collapses To Record Low

The Rick Astley Market will never let you down... It's Payrolls Friday - so stocks rallied!! S&P, Dow up for the 8th straight week (longest streak since Nov 2013), Nasdaq 6th straight weekly gains, but Small Caps ended the week lower...Show More Summary

Dollar Rebounds, Futures Rise Ahead Of Expected Surge In Payrolls

One day after the dollar slumped sharply on initial disappointment with the GOP tax plan, the greenback has rebounded ahead of a nonfarm payrolls report that is expected to show the US economy gained over 300,000 jobs in the post-hurricane rebound, and as investors reassessed the latest news on U.S. Show More Summary

10 Payroll Mistakes Your Small Business Must Avoid

Errors in the your payroll can have legal and tax implications, both of which can hurt your bottom line. Here are 10 payroll mistakes to avoid.

Vegas Strip Club Owner Gets 2 Years In Prison For Tax Evasion

Paying employees in cash and skirting payroll taxes can mean big penalties and even prison, as this Vegas club owner learned the hard way.

Could a Payroll Tax Work for Alaska?

When Alaska’s legislature convenes in the year’s fourth special session on Monday, the Last Frontier State will test the frontiers of tax policy by considering a new twist on a very old tax. America’s second-newest state is considering one of America’s oldest taxes—a capitation or head tax—but one structured as a statewide capped payroll tax. […]

Lessons From Dentist’s Tax Evasion: Cover-up Is Worse Than Crime

Income and payroll tax problems can both end badly, even in criminal tax evasion cases.

October Realized Volatility Is Now The Lowest On Record

After September was declared the lowest volatility month on record, October is starting auspiciously, if only for the vol sellers. After last week stocks rose again on renewed hopes of a Trump tax deal and following a payrolls report...Show More Summary

Vermont town's computer system hacked

Vermont officials say their town's computer system was hacked by a type of malware that targeted payroll and tax bill files. St. Johnsbury town manager Chad Whitehead tells The Caledonian … Click to Continue »

How the IRS Pursues Payroll Tax Collections

Payroll taxes represent both the employer and employee portions of Social Security and Medicare taxes, along with Federal income taxes that are withheld from an employee’s paycheck. The IRS takes an especially hard stance on the failure to remit payroll taxes, and uses aggressive collection efforts when pursuing these delinquent taxes. The Trust Fund Recovery […]

Sources of Government Revenue in the OECD, 2017

Key Findings: OECD countries rely heavily on consumption taxes, such as the value-added tax, and social insurance taxes, such as the payroll tax. The United States relies heavily on the individual income tax, at 39.3 percent of total government tax revenue. On average, OECD countries collect little from the corporate income tax (8.8 percent of […]

A Comparison of the Tax Burden on Labor in the OECD, 2017

Key Findings: Average wage earners in the United States face two major taxes: the individual income tax and the payroll tax (levied on both the employee and the employer). Although a little more than half of a U.S. worker’s payroll tax burden is paid by his employer, the worker ultimately pays this tax through lower […]

Ignoring 83% Of Payroll Tax Mismatches, IRS Leaves $7 Billion Uncollected…Until Now

IRS should dramatically increase payroll tax enforcement efforts, leaving billions uncollected. Employers who have been skating, should get ready to be pushed.

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