Topic: Daily Deduction

Corporate Tax Reform: No Easy Fixes

By :: January 23rd, 2015

Territorial tax systems abroad may not be good models for corporate reform here. A new TPC paper warns against drawing quick and easy conclusions from the territorial tax systems in other developed countries. While Senate Finance Committee Chairman Orrin Hatch and House Ways and Means Committee Chairman Paul Ryan find the idea attractive, the research […]

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Tax Policy and Politics: More of the Same

By :: January 22nd, 2015

Wait, are Ds and Rs really on the same page? In remarks yesterday, Treasury Secretary Jack Lew expressed optimism for a business tax overhaul, noting a “great deal of overlap” between the White House framework and recent Republican proposals. House Ways and Means Chairman Paul Ryan agreed that there are areas where Democrats and Republicans […]

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Taxing the Rich: It’s a Plan Abroad, Too

By :: January 21st, 2015

The State of the Union: Tax reform depends on where you are sitting. In his State of the Union Address last night, President Obama called on Congress to address wealth inequality through the tax code, largely by increasing the capital gains tax and imposing a bank tax to fund tax relief for middle-income earners. Senate […]

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To Build a Better Tax Code, You Could Follow the Money

By :: January 20th, 2015

Death and taxes: Inevitable, but not always paired. President Obama wants to change that. In a wide-ranging tax plan he’ll highlight at tonight’s State of the Union address, he’d close “arguably the biggest loophole in the tax code for high-wealth households,” says TPC’s Len Burman. Len explains the significance of the plan’s treatment of capital […]

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Congress, on Retreat with a Small Step toward Tax Reform

By :: January 16th, 2015

The Daily Deduction will return Tuesday, after the Martin Luther King, Jr., holiday. The Senate Finance Committee has created five new working groups for tax reform. The bipartisan groups will address provisions of the tax code that relate to individuals, businesses, savings and investment, international issues, and community development and infrastructure. Each must complete its […]

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An Agency Wronged, A Minor Tax Maligned

By :: January 15th, 2015

The IRS is unable to do right by taxpayers, says the National Taxpayer Advocate. In its annual report to Congress, the in-house IRS watchdog finds that the agency’s  budget cuts have eroded taxpayer service, especially for low-income taxpayers. At the same time the lack of effective administrative and congressional oversight has eroded taxpayer protections. US […]

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Is It a Business Man’s World?

By :: January 14th, 2015

Corporate tax reform: It wouldn’t affect all businesses. A cut in the corporate tax rate won’t benefit millions of unincorporated businesses, and those firms don’t think that’s fair. These include pass-throughs such as partnerships or S corporations that can range from small businesses like plumbers or freelance writers to larger entities such as  private equity […]

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Here a Tax Cut, There a Tax Cut

By :: January 13th, 2015

Wisconsin’s Paul Ryan will be House Ways & Means Chair for a while after all. The 2012 GOP Vice-Presidential nominee feels he is “in a position to make a big difference” and wants to remain on the tax-writing panel. Had he run for president in 2016, he would have had to give up his chairmanship—and […]

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Tax States of the States: Mixed, Murky and Sometimes Mercurial

By :: January 12th, 2015

Governor LePage wants big tax cuts for Maine. Republican Paul LePage’s new budget proposal would cut the top income tax rate by 2.2 percentage points to 5.75 percent, and apply it to single tax filers with incomes over $50,000, instead of the current threshold of $21,200. The plan would cut individual tax revenues by $1.2 […]

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Taxes: To Be Considered, Rejected, or Collected

By :: January 9th, 2015

The White House plans to release its budget on February 2. It would be the first time since 2010 that the Administration would meet  the deadline for the roll-out. The Hill reports that the OMB hopes such timeliness will restore some discipline to an old and broken-down process. Broken down perhaps, but not without a […]

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