A New Tax Tool, Committees, Bonds and Climbs

Getting to know your 1040: TPC demystifies your tax forms. We dutifully enter numbers on our tax returns every year (or pay somebody do it for us). But what do each of those lines really mean? How do they contribute to the nation’s revenues? How many people report various sources of income? To find out, […]

What’s Behind That 1040? Check Out TPC’s Interactive Tax Forms

Federal income taxes are complicated. That’s why roughly 90 percent of us either hire someone to prepare our tax returns or use computer software to do the job on our own. Only a tenth of us actually sit down and fill out the forms by hand. But it’s still important to understand what goes onto […]

Seven Tax Issues Facing Small Business

Today I had the chance to testify before the House Small Business Committee on the many tax issues facing small business. Here are my opening remarks. You can find my full testimony here. America’s tax system is needlessly complex, economically harmful, and often unfair. Despite recent revenue gains, it likely will not raise enough money […]

Tax Expenditures for Asset-Building: Costly, Regressive, and Ineffective

Most federal subsidies aimed at helping households accumulate financial and tangible assets are delivered through tax expenditures—spending through the tax code. In 2013, these deductions, deferrals, and credits aimed at encouraging such asset building totaled over $350 billion, most devoted to homeownership and retirement saving incentives. Yet, these tax incentives do a remarkably poor job. […]

Taxing Times on the Hill and on Returns

Do small businesses have a tax problem? The House Small Business Committee holds a hearing this afternoon on the biggest tax problems faced by small firms. TPC’s Donald Marron and American University’s David Kautter will testify. They’ll be joined by Tim Reynolds of the National Small Business Association, and Rick Endres of The ASCII group, […]

If You Have High Income, Your Taxes Are Going Up

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 […]

Ethics and Fairness, Growth and the Environment, Retirement and Tax Shelters

Just in time for Tax Day—are you being served? The Senate Finance Committee holds a hearing today on how best to protect taxpayers from incompetent and unethical return preparers. IRS Commissioner John Koskinen and National Taxpayer Advocate Nina Olson will appear. The Joint Committee on Taxation’s backgrounder on the issue is here. Would a fairer […]

Out of Committee, Across the Globe, and Due West

Extenders move out of Committee. The Senate Finance Committee sent to the full Senate a measure to temporarily renew over 50 tax breaks that lapsed at the end of 2013. Chairman Ron Wyden tried to eliminate about a dozen, but the committee put nearly all of them back. A House Ways & Means hearing tomorrow […]

Two Ways to Fix the Corporate Income Tax: Internationalize it or Kill It

In an important new paper, Eric Toder of the Tax Policy Center and Alan Viard of the American Enterprise Institute say that corporate tax reforms now being debated in Congress fall far short of solving the widespread problems with the levy. Rather than merely lowering rates and tinkering with tax rules for U.S.- based multi-national […]

Settlement, Disappointment, and Equality

One last reminder: You can tune in to a live webcast this morning at 9:00 am for “Major Surgery Needed:  A call for structural reform of the US corporate income tax.” The event is cosponsored by the American Enterprise Institute and the Tax Policy Center. Extending the Extender Talks. The Senate Finance Committee yesterday approved […]