Tag: ‘individual taxes’

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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Should Tax Reform Be Sold on Values Instead of Economics?

By :: March 31st, 2014

Maybe the best way for tax reformers to get political traction is to focus on values, not economics. That, at least, was one take-away from three political scientists who spoke at a Tax Policy Center panel today. Until now, backers of reform have focused primarily on economic arguments: A reformed tax code would increase growth […]

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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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Incoming Senate Finance Chair Wyden Outlines His Tax Agenda

By :: February 10th, 2014

Senator Ron Wyden (D-OR), about to become the new chairman of the Senate Finance Committee, said Friday that he aims to eventually rewrite what he described as a “dysfunctional, rotting mess of a carcass that we call the tax code.” But in an acknowledgement of the challenges of tax reform, Wyden said he wants to […]

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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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TheTaxVox 2013 Lump of Coal Award: Wait ‘Til Next Year Edition

By :: December 23rd, 2013

Tax Vox proudly announces its seventh annual Lump of Coal Award for the worst tax and fiscal policies of 2013. The year was a curious mix of really bad ideas and dithering. After all, Congress’s finest moment may have been its December budget mini-deal—a decision that effectively ignored every one of the great fiscal questions facing […]

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