Tag: ‘individual taxes’

Combined Tax Rates and Creating a 21st Century Social Welfare Budget

By :: June 26th, 2015

In testimony yesterday before a joint hearing of two House subcommittees, I urged Congress to modernize the nation’s social welfare programs to focus on early childhood, quality teachers, more effective work subsidies, and improved neighborhoods. One way lawmakers can shift their gaze is by considering the effects of combined marginal tax rates that often rise steeply […]

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How to Pay Zero Taxes on Income of Millions of Dollars

By :: June 24th, 2015

Remember when people complained that hedge fund managers and private equity firm owners paid a lower tax rate than many workers? Or when Warren Buffett said he shouldn’t pay a lower rate than his secretary?  In those cases, investors were benefiting from low capital gains rates, but at least they paid some tax. Now, thanks […]

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Tax Hound: Collection Page

By :: June 4th, 2015

Tax policy isn’t just for economists, lawyers, or policymakers. Taxes affect us all and The Tax Hound engages the rest of us in interesting conversations about what government taxes, and why. On the first Wednesday of every month, I uncover the links between taxes and our everyday lives. How do they affect the way we pay for K-12 education, or what drinks we buy for our kids? Join in the conversation—we’d […]

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Marco Rubio Wasn't the Only One Who Cashed Out an IRA Last Year

By :: May 26th, 2015

It is easy to mock Senator Marco Rubio, who cashed out $68,241 in IRA retirement funds last September. The GOP presidential hopeful, who made about $230,000 last year, told Fox News he needed the dough to prepare for his campaign, buy a new $3,000 refrigerator, and fix his busted a/c. As it happens, he is far […]

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The Scary New World of Tax Fraud

By :: May 14th, 2015

Back in the day—say 2011–tax fraud was pretty straightforward. Taxpayers deliberately understated income or overstated deductions to cheat the system for their own benefit. Not anymore. Now, a growing share of such fraud is about crooks using the identities of innocent taxpayers to steal money. If you have a home phone or an email account, these […]

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Busting Myths for Tax Day

By :: April 14th, 2015

Since Tax Day is tomorrow, it seems like a good time to bust a few myths about taxes. Here are five of the biggest misperceptions about the federal revenue code. Most of the info comes from two sources: the Tax Policy Center’s Tax Topics (a trove of great information about who pays what) and the […]

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Is a Consumption Tax Talk Making a Comeback?

By :: March 31st, 2015

Maybe it’s just because Congress is on spring break and tax wonks don’t have much to talk about, but suddenly the idea of a consumption tax is getting a new look. The tax plan proposed earlier this month by senators Mike Lee (R-UT) and Marco Rubio (R-FL) is one form of the levy. And tax […]

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The Affordable Care Act Tax Filing Season: A View From the Trenches

By :: February 20th, 2015

Several of us at the Tax Policy Center volunteer with Community Tax Aid to help low-income people file their taxes. We’ve had a chance to see, first-hand, how the Affordable Care Act is affecting tax filing. This is the first filing season when taxpayers must navigate the new provisions of the ACA on their 1040s. The […]

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President Obama’s Middle-Class Tax Message in the State of the Union

By :: January 21st, 2015

President Obama’s tax proposals for the middle class were a key element of his State of the Union address. But they represent only relatively modest efforts to create subsidies through the tax code rather than through other departments of government. Looked at broadly, many only tinker around the edges of tax policy and count on […]

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Nine Tax Stories to Watch in 2015

By :: January 6th, 2015

So much has changed. Yet, when it comes to taxes, so much has not. Republicans have taken control of Congress and now hold governorships in 31 states. The U.S. economy is finally on solid ground. And presidential hopefuls are gearing up for the 2016 election. But for all that, the top tax stories of 2015 […]

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