Topic: Daily Deduction

Creativity, Caregiving, and Continuing Study

By :: November 23rd, 2015

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, November 30. Happy Thanksgiving. Without a gas tax increase, how will Congress pay for the highway bill? They have until December 4 to figure it out, and so far, the methods are… creative. Michael Sargent of the Heritage Foundation notes […]

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Risk, Security, and Reform

By :: November 20th, 2015

The IRS Advisory Council says the tax system is “increasingly at risk.” The council released its annual report this week. Of all issues facing the IRS, the council’s top priorities are “securing adequate funding for the IRS and preserving a strong, balanced, and independent Office of Professional Responsibility.” You can prevent tax refund fraud. “When it […]

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Budgeting, Wooing, and Taxing

By :: November 18th, 2015

Today on the Hill. The House and the Senate will go to conference over the multi-year highway bill. The House Budget Committee holds a hearing on the biennial budget process. Witnesses include Representative Reid Ribble (R) of Wisconsin, Representative David Price (D) of North Carolina, Philip Joyce of the University of Maryland, Rudy Penner of […]

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Maybe peace, definitely another patch, and many refunds…

By :: November 17th, 2015

Speaker Ryan says he’d work with the President on tax issues. He told 60 Minutes that deals on highway spending, funding the federal government, and reforming the tax code “will produce certainty in this economy in the next few months. Let’s go do that,” instead of arguing over immigration. Meanwhile, GOP presidential candidate Mike Huckabee […]

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On Raising a Rate...

By :: November 16th, 2015

Sanders won’t raise the top rate to 90 percent. In their Saturday night debate, Democrats spent much of their time talking about foreign policy, terrorism, and Wall Street. But there were a few tax-related sound bites. Perhaps the most interesting: Bernie Sanders said he would not raise the top rate back to 90 percent, its […]

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How Far Is Too Far?

By :: November 13th, 2015

Affordable Care Act signs up  540,000 in first week of open enrollment—how much of the law will the Senate vote to repeal next week? The Department of Health and Human Services released preliminary enrollment numbers yesterday, noting a “solid start.” Senate Republicans aren’t yet sure how far to go in their effort to repeal the […]

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“To make money you have to spend money…”

By :: November 12th, 2015

A computing giant’s merger plans might attract IRS scrutiny. Dell wants to thread the needle of US tax laws to purchase storage company EMC. Dell would purchase EMC stock with a mix of cash and tracking shares in a business unit of EMC. Tracking stocks allow shareholders to participate in the performance of a specific […]

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Elaboration, Exaggeration, and Reconciliation?

By :: November 11th, 2015

About last night… GOP presidential candidates used last night’s debates as an opportunity to tout the highlights of their tax plans. Kentucky Senator Rand Paul questioned Florida Senator Marco Rubio’s conservative credentials  for Rubio’s plan to expand the child tax credit. Jeb Bush promised to make tax reform his top priority and Ben Carson said his flat tax will have a low-income exemption […]

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A Debate, A New Plan, A Vote, and Two Mulligans

By :: November 10th, 2015

Who could forget: There’s another GOP debate tonight. This one is on the Fox Business channel. Moderators promise to stick to substantive economic issues. Speaking of substance, here’s your TPC cheat sheet on the candidates’ tax plans. The next Democratic debate will be Saturday night… live. Ben Carson starts to flesh out his tax plan. […]

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Repeal, Reform, and Maybe Retaliation

By :: November 9th, 2015

On the Hill, a stronger push to repeal the Cadillac Tax? Senate Minority Leader Harry Reid and House Minority Leader Nancy Pelosi want to nix the 40 percent tax on high-cost health insurance plans, and 2015 may be their last chance to get it done. Will they add a repeal to the “tax extender” package […]

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