Tag: ‘IRS’

Taxing the Rich: It’s a Plan Abroad, Too

By :: January 21st, 2015

The State of the Union: Tax reform depends on where you are sitting. In his State of the Union Address last night, President Obama called on Congress to address wealth inequality through the tax code, largely by increasing the capital gains tax and imposing a bank tax to fund tax relief for middle-income earners. Senate […]

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The IRS Should Fix Its Letter Audit Program

By :: January 20th, 2015

The beleaguered IRS has two enormous challenges: It must rebuild its reputation to win congressional support for the funding it needs to do its job. And, because it will never get all the money it needs, it must spend the dollars it does have more wisely. It can start by improving the way it communicates with […]

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An Agency Wronged, A Minor Tax Maligned

By :: January 15th, 2015

The IRS is unable to do right by taxpayers, says the National Taxpayer Advocate. In its annual report to Congress, the in-house IRS watchdog finds that the agency’s  budget cuts have eroded taxpayer service, especially for low-income taxpayers. At the same time the lack of effective administrative and congressional oversight has eroded taxpayer protections. US […]

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New Congress, New Rules, Old Obstacles

By :: January 7th, 2015

The House orders dynamic scoring. On the first day of the new Congress, the House, by a largely party line vote, instructed the Joint Committee on Taxation and the Congressional Budget Office to include macroeconomic effects when it calculates the revenue effects of major tax bills. The rule comes with several loopholes but Democrats are […]

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No Congressional Approval of a Spending Deal Yet, But Plenty of Commotion

By :: December 11th, 2014

In the spending bill, inversion curbs could be curbed. The bill to fund the government through September 2015, scheduled for a House vote today and a Senate vote after that, waters down Democratic-supported curbs on corporate inversions. The Ds would have barred companies that move their tax addresses outside the country from getting US government […]

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The Day After the 2014 Election: Six Things To Watch In the New GOP Congress

By :: November 5th, 2014

Republicans had a very good day yesterday. But can they translate their ballot-box success into a positive legislative agenda? It won’t be easy but here are six clues: Mitch McConnell: He is a brilliant legislative tactician. We know he’ll use those skills to try to outmaneuver Democratic Leader Harry Reid but will he also use […]

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Taxes Take Center Stage This Week—At Least on the House Floor

By :: September 15th, 2014

Shutting down talk of a shutdown… The House is expected to vote on a continuing resolution to fund the government—including the IRS—through December 11. The resolution would include an extension of the Internet Tax Freedom Act, which bars states from taxing Internet access. Unless Congress acts, the law expires November 1. Tax extenders are scheduled […]

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Business Tax Reform: Will Patience Be a Vice?

By :: September 8th, 2014

Treasury speaks on business tax reform at TPC. Tune in this morning. Treasury Secretary Jack Lew will address business tax reform and will be followed by a panel discussion on corporate inversions, a US tax avoidance strategy. The panel includes Sally Katzen of the NYU School of Law, TPC’s Steven Rosenthal, John Samuels of General […]

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Online Taxes: Searches, Storage, and Sales

By :: August 4th, 2014

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, September 8. Until then: We’ll see you every Monday morning. Abroad and online: One country brings a knife to a gunfight. Spain has passed a new law: Websites that link to Spanish newspaper association stories will pay a tax for […]

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Have We Created a Two-Tiered Tax System—One for the Powerful and One for the Rest of Us?

By :: July 22nd, 2014

Unlike the rest of us, many high-income, influential people and organizations have close to a free hand when it comes to their taxes. Already underfunded and understaffed, the IRS seems incapable of stopping many aggressive or even abusive interpretations of the tax laws, often by hedge funds or politically-motivated tax-exempt organizations. Over the past few […]

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