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by
Howard Gleckman
on Thu 29 May 2008 02:59 PM EDT
It is a nice object lesson in how a couple of obscure changes in the tax law can save a few people a lot of money. The IRS has reported that the number of those earning $200,000 or more who paid no taxes rose sharply in 2005. More than 7,300 of these worthies avoided U.S. income tax entirely, two-and-a-half times the year before. About 85,000 paid worldwide taxes of less than 10% of their income. more »
by
Howard Gleckman
on Thu 29 May 2008 11:18 AM EDT
For another take on my debate with George Yin on whether temporary tax breaks are a good idea George) or not (me), take a look at economistmom, the new blog by former House Ways & Means Committee chief economist Diane Lim Rogers. She’s got a great anecdote about a conversation with a committee member during a late night markup of an extender bill.
by
Howard Gleckman
on Tue 27 May 2008 02:34 PM EDT
Kudos to Rep. Paul Ryan (R-WI), the senior Republican on the House Budget Committee, for proposing an ambitious plan aimed at bringing government spending under control over the next 75 years. Actually, Ryan would do even more than that. He’d also restructure the tax code, Social Security, Medicare, and Medicaid. more »
by
George Yin
on Tue 27 May 2008 10:40 AM EDT
Howard Gleckman continues to think that temporary tax cuts are no better than permanent ones from the standpoint of enhancing political accountability and fiscal restraint (“Tax Extenders and Fiscal Restraint,” May 22, 2008). So here’s some data. more »
by
KimRueben
on Fri 23 May 2008 08:25 AM EDT
On Monday, the Supreme Court ruled that states may offer special tax breaks to residents for investing in municipal bonds issued by them and local governments within the state. The 7-2 decision, in Kentucky Department of Revenue v. Davis was widely expected. But even if the Court wanted to bar states from preferring their own bonds over those from other jurisdictions, the current troubles of the $2.6 trillion municipal bond market probably made that impossible. more »
by
Howard Gleckman
on Thu 22 May 2008 02:24 PM EDT
It was good to hear from University of Virginia tax professor and former Joint Tax Committee boss George Yin. George argues that temporary tax cuts are a good idea because they force Congress to consider the costs and benefits of these measures before renewing them. This reckoning, he says, imposes more political accountability on the system, not less. more »
by
Guest Blogger
on Wed 21 May 2008 04:33 PM EDT
Howard Gleckman’s criticism of temporary legislation (“The Tax Extenders Ride Again,” May 20, 2008) overlooks the impact of Congressional budget rules. When such rules are considered, a change in law on a temporary (rather than permanent) basis increases political accountability and arguably enhances fiscal restraint. more »
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by
Howard Gleckman
on Tue 20 May 2008 05:08 PM EDT
The other day, the House Ways & Means Committee routinely approved dozens and dozens of tax breaks. Hardly anyone even noticed. more »
by
Howard Gleckman
on Thu 15 May 2008 08:00 AM EDT
Like it or not, health care and taxes are inextricably linked in the U.S. The employer-sponsored health system that covers most of the non-elderly is largely built on nearly $200 billion in income tax breaks. The biggest: employer-sponsored insurance which is tax-free to workers. Perversely, this structure provides the biggest tax breaks to the highest income workers who get the most expensive plans. more »
by
Howard Gleckman
on Tue 13 May 2008 03:32 PM EDT
Yesterday, John McCain disclosed details of his plan to cut the use of fossil fuels—and thus greenhouse gases--through a cap and trade system of mandatory emissions reductions. As we have written, cap’n trade is not the name of a cheesy seafood restaurant. It is Washington-speak for a huge new tax on oil, gas, and coal. This is a good thing, but we ought to talk about it honestly. more »
by
Howard Gleckman
on Thu 08 May 2008 05:28 PM EDT
$451 million in tax breaks for timber companies. Ka-ching. $500 million for biodiesel. Ka-ching. $126 million for racehorse breeders. Ka-ching. $20 million for Aggie bonds. Ka-ching. more »
by
Howard Gleckman
on Tue 06 May 2008 05:51 PM EDT
Before you get the idea that a big increase in energy taxes is just the latest raving of an elitist, inside-the-Beltway policy wonk, you might want to know that I’m not the only one who likes this idea. So do John McCain, Hillary Clinton, and Barack Obama. more »
by
Len Burman
on Mon 05 May 2008 11:14 AM EDT
Senator Clinton has taken economists to task for our universal opposition to a gas tax holiday. Both theory and evidence tell us that suspending the tax temporarily would provide little relief to consumers while further enriching big oil. more »
by
Bob Williams
on Mon 05 May 2008 08:14 AM EDT
With unusual speed, the IRS sent out the first tranche of $100 billion in recovery rebates last Monday. It took Congress and the President less than a month to enact the Economic Stimulus Act of 2008 and then just 62 days for the IRS to begin getting the money into people's hands. The question now is what will they do with the windfall, which for couples will be as much as $1,200 plus $300 per child. The answer may disappoint those who are hoping a new burst of consumer spending will give the lagging economy a needed boost.
more »
by
KimRueben
on Fri 02 May 2008 12:04 PM EDT
While TaxVox and others have disclosed the folly of a federal tax holiday, some have suggested that temporary state gas tax relief might work better. Some New York State legislators are already pushing for such a plan. But before cash-strapped states jump on the bandwagon, they might consider how a previous experiment in Illinois and Indiana worked out. In 2000, Indiana announced that it would be suspending its 5 percent gasoline sales tax for 120 days beginning July 1. In response, Illinois also suspended its levy for six months that July.. Quaint as it seems today, the changes were spurred by a spring spike in Midwest gas prices to (gasp) $2.00 – a level drivers would now gladly embrace.
more »
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