Tag: ‘individual taxes’

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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The Small, Happy World of Supersized IRAs

By :: October 14th, 2014

When Mitt Romney released his tax return information during the 2012 presidential campaign, many of us were introduced to the world of supersized IRAs. Romney somehow had a tax-preferred retirement nest egg valued at $101 million. Maybe he got there by making standard annual contributions and investing really well. Or not. Now, a new Government […]

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New TPC Analysis: What Dave Camp's Tax Reform Plan Would Really Mean

By :: July 8th, 2014

In an extensive new analysis of House Ways & Means Committee Chair Dave Camp’s tax reform plan, my Tax Policy Center colleagues confirm his proposal would raise about the same amount of money over 10 years as current law and impose roughly the same tax burden across income groups as today’s revenue code. TPC also concluded that Camp’s […]

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Are Domestic Partnerships A Way For Heterosexual Couples To Avoid The Marriage Tax Penalty?

By :: June 5th, 2014

In their zeal to provide a legal alternative to banned marriage for same-sex couples, some states may have created a new tax shelter for heterosexual couples. By choosing domestic partnership or civil union over marriage, opposite-sex couples are able to avoid paying a federal income tax marriage penalty, just as same-sex couples can. Over the […]

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Should Congress Curb Donor Advised Funds?

By :: April 22nd, 2014

Buried deep in House Ways & Means Committee Chair Dave Camp’s tax reform plan is a proposal to require donor-advised funds to distribute contributions within five years. The proposal would be a major change for these charitable vehicles, where funds currently can sit indefinitely. Donor-advised funds (DAFs) are an easy, low-cost way for people (who […]

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