Topic: Daily Deduction

Plans, Problems, and Production

By :: August 24th, 2015

Congress is in recess. The Daily Deduction will publish Mondays until Congress returns in mid-September. In Detroit, Marco Rubio shared a little ditty about “David” and “Danielle.”  The GOP presidential candidate touted his tax plan’s effect on a hypothetical auto service shop owner and a single mother who works at the shop’s front desk. Under […]

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Tax plans and presidential candidates: The future [may or may not be] now.

By :: August 17th, 2015

Congress is in recess. The Daily Deduction will publish Mondays until Congress returns in mid-September. Wisconsin Governor Scott Walker cut taxes in his state, so as President… Well, he hasn’t released specific federal tax proposals. But in Wisconsin, he’s cut taxes by $2 billion in the past two years and  another $2 billion is scheduled […]

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Simple Is as Simple Does

By :: August 10th, 2015

Congress is in recess. The Daily Deduction will publish Mondays until Congress returns in mid-September. About those simple tax plans proffered in last week’s GOP debate… Bloomberg considers the plans shared by Mike Huckabee and Ben Carson, and finds devils in some details. Among them: Huckabee’s “Fair Tax,” while eliminating the IRS, would introduce new […]

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“If at first you don’t succeed, try, try, again.”

By :: August 7th, 2015

“All by myself…” Paul Ryan and international tax reform. The House Ways & Means chairman has his work cut out for him with his international tax plans. The Hill reports that Senate Republicans continue to express skepticism, including Senate Majority Leader Mitch McConnell, Majority Whip John Cornyn, and Senate Finance Committee Chair Orrin Hatch. Ryan […]

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Information: Additions, Disclosures, and Theft

By :: August 6th, 2015

Better revenues through form additions? The short-term highway funding extension gets about $1.8 billion in revenue over ten years from a change to an IRS form, reports Tax Analysts (paywall). The change goes into effect in 2017, even though the spending it helps pay for ends on October 29. Mortgage lenders will have to report […]

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On Carbon, Soda, and the Safety Net

By :: August 5th, 2015

Are carbon taxes in our future? President Obama unveiled strong new rules to reduce carbon emissions this week. States could use pollution trading or “fees” (“carbon taxes”) to help meet their emission cutting requirements. Would it work? Brookings Institution economist Adele Morris told The National Journal that “States can not only comply with the new […]

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Tax-Exempt Status, Tax Breaks, and the Limits of Economic Recovery

By :: August 4th, 2015

Colleges that oppose same-sex marriage can keep their tax-exempt status. Granted, the US Supreme Court ruled that same-sex marriage is legal in all 50 states. But testifying before the Senate Judiciary Oversight Subcommittee last week, IRS Commissioner John Koskinen said, “At this time there is no basis for us to revisit tax-exempt status… We will […]

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Happiness Is: Paying Your Taxes?

By :: August 3rd, 2015

The Clintons earn a lot income, and pay a lot in taxes. Former President Bill Clinton and Democratic presidential candidate Hillary Clinton released eight years of tax returns over the weekend. They paid about $43 million in federal taxes between 2007 and 2014 on earnings of $139 million. In 2012, the year presidential candidate Mitt […]

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“Although they’ve come… to the end of the road… They still can’t let it go…”

By :: July 31st, 2015

To the President’s desk: A short-term highway patch. Yesterday the Senate approved an $8 billion stop-gap authorization for federal transportation funding, with just a day to spare before funding is due to expire. This brings the number of short-term extensions in the past six years to 34. Congress will deal with a longer-term bill for […]

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Long-term Highway Funding: “Ain’t no time like three months from now”

By :: July 30th, 2015

Another summer kick of the can…down the “highway.” The Senate will vote today on its long-term highway bill. Of course, the House has already gone home for August, so the Senate will also extend federal highway funding for three months before it expires tomorrow. The White House signaled that President Obama will sign the short-term […]

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