Topic: Individual Income Taxes

If You Have High Income, Your Taxes Are Going Up

By :: April 8th, 2014

As the April 15 deadline for filing 2013 income taxes nears, most of us are finding that Uncle Sam will take about the same share of our income as last year. But the story is very different for people at the top of the income ladder. Their taxes are going up, in many cases by […]

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Dave Camp’s Most Valuable Contribution to Tax Reform

By :: March 14th, 2014

House Ways & Means Committee chair Dave Camp’s most important contribution to the tax reform debate may be this: By proposing a specific, transparent, and fully-realized reform plan, he has made it far tougher for others to credibly promise trillions of dollars in tax cuts without either describing how they’d pay for them or acknowledging […]

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Stark Variation in Taxpayer Use of Itemized Deductions, County by County

By :: March 7th, 2014

Taxpayer use of itemized deductions varies widely by location, according to a new analysis of 2007 IRS data. In about one in ten counties, 11 percent or fewer taxpayers itemize while in another 10 percent at least 38 percent of taxpayers claim deductions. In a handful of counties, more than half of taxpayers itemize. In […]

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A Web Tool to Calculate ACA Tax Penalties

By :: March 6th, 2014

The deadline is looming: If you don’t have approved insurance coverage by March 31 (and are not exempt from the requirement), the Affordable Care Act will hit you with a penalty on your 2014 income tax return. It is often said the tax is $95, but for many people it will be much more. A […]

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Camp Tax Reform Would Create New Challenges for States

By :: March 3rd, 2014

House Ways and Means Chair Dave Camp’s recent tax reform plan would raise the cost of doing business for many state and local governments. Camp would repeal the deductibility of state and local taxes, including both property taxes and income taxes. He’d abolish tax-exempt private activity bonds. And he’d impose a 10 percent surtax on municipal […]

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Dave Camp’s Tax Plan: A Brave Start But Lots of Gimmicks

By :: February 26th, 2014

Give House Ways & Means Committee Chair Dave Camp (R-MI) all the credit in the world for years of hard work developing his tax reform plan. Just don’t look too hard at the blueprint, which he released this afternoon. On one level, it is a serious framework for reform. For individuals, it would consolidate and […]

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Individual Income Taxes May Soon Generate Half of All Federal Tax Revenue

By :: February 6th, 2014

Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget Office. In fact, the individual income tax will pretty much be the only revenue source likely to increase significantly over the next decade.  As a result, it will generate more […]

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Tax Policy is MIA in the State of the Union

By :: January 29th, 2014

When it comes to tax policy, President Obama’s State of the Union address last night was a model of modesty. There was little new. And, while it is always hard to tell what really matters in a speech that included more than 40 separate initiatives, the president showed little enthusiasm for broad-based tax reform. With […]

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Utah Lets Same-Sex Couples File Joint Tax Returns

By :: January 17th, 2014

The Utah State Tax Commission yesterday reversed Governor Gary Herbert (R), ruling that same-sex couples may file their 2013 state tax returns as married, as long as they wed before the end of last year. The ruling also applies to couples who married in other jurisdictions. As I discussed in my last TaxVox post, the […]

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Taxes: A Big Gun In The War on Poverty

By :: January 16th, 2014

When Lyndon Johnson declared his War on Poverty 50 years ago this month, he could not have imagined how many battles would be fought through the Tax Code. In the ‘60s and early ‘70s, the safety net was built almost entirely on spending programs.  Back then, policymakers created Medicare, Medicaid, student loan programs, and Head […]

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