Tag: ‘Michigan’

A Little March Madness on the Hill

By :: March 27th, 2015

The “doc fix” passes the House. The House overwhelmingly approved the Medicare “doc fix” to replace automatic payment cuts (that Congress has delayed every year since 2003) with a temporary 0.5 percent annual hike in physician reimbursements. But the bipartisan deal, which CBO figures would add $141 billion to the deficit over 10 years, is […]

Read More

Tax Subsidies, Cuts, and Consequences

By :: February 23rd, 2015

There are tax information troubles for ACA enrollees. When it comes to the Affordable Care Act and filing taxes, “sorting through all the necessary paperwork is hard to do, even for those of us whose day jobs are in tax policy,” writes TPC’s Ellen Steele, a tax-preparing volunteer with Community Tax Aid. Making things more […]

Read More

No Hitting the Brakes for Tax Breaks…

By :: February 13th, 2015

Some House GOPers want to help millionaires save for college. Yesterday the House Ways and Means Committee approved a bill to expand the Sec. 529 college savings plan and rejected a Democratic amendment to limit the plans for people earning more than $3 million a year. Bloomberg reports that the amendment would have affected about […]

Read More

A Replacement, A Vision, and Promises

By :: February 6th, 2015

An Obamacare replacement?  Senate Finance Committee chair Orrin Hatch, House Energy and Commerce chair Fred Upton, and GOP Senator Richard Burr have released their health reform plan, called the Patient CARE Act. The proposal, similar to a bill Hatch and Burr introduced last year, would repeal the Affordable Care Act and provide income-adjusted tax credits […]

Read More

Congress May Just “Let It Go” … Until Next Year

By :: December 5th, 2014

Congress might really be home for the holidays. Finance Committee Chairman Ron Wyden told reporters today that the Senate won’t amend the House-approved bill to revive over 50 expired tax breaks for 2014 only. An up-or-down Senate vote could be held within days. Lawmakers must still sort out what they’ll do about a spending bill—funding […]

Read More

Clicks, Pumps, Dreams and Time… How Many May See Their Taxes Rise?

By :: November 12th, 2014

Cyber Monday will live to hear another click. Speaker of the House John Boehner has at least temporarily killed the Marketplace Fairness Act. The bill, which would allow states to require out-of-state websites to collect Internet sales tax, passed the Senate last year with bipartisan support. Tax Analysts reports that House Judiciary Committee Chair Bob […]

Read More

Income Inequality and Time for State Action

By :: September 16th, 2014

Income inequality may shrink state tax revenues. A new report from Standard & Poor’s tells the tale. Incomes have grown rapidly among the wealthy, but have barely kept pace with inflation for many others. But high income earners both shelter their income from taxes and save more, reducing  state income and sales tax revenues. As […]

Read More

How Michigan Blocked a $1 Billion Tax Windfall for Corporations

By :: September 15th, 2014

For all the talk of political gridlock, it is amazing how quickly a state legislature can act when $1 billion in unexpected corporate tax refunds are at stake. The lawmakers are in Michigan. And their pistons were fired up following an unfavorable state Supreme Court decision in a lawsuit brought by IBM. The case involved the […]

Read More

Inversions, Loopholes, Taxes and TIFs: What’s a Revenue Service to Do?

By :: September 9th, 2014

Inversions: The waiting is the hardest part. At yesterday’s TPC event Treasury Secretary Jack Lew promised an anti-inversion decision “soon,” but committed to no other details. While everybody agrees corporate inversions are done largely to avoid taxes, does Treasury have the authority to prevent them? If so, should it? New York University’s Sally Katzen, Harvard’s […]

Read More

IRS Has New Woes in Congress; Taxes in Minnesota Pay Off

By :: June 18th, 2014

House Republicans would slash IRS funding. Their fiscal year 2015 financial services budget includes roughly $11 billion for the IRS. This would cut $341 million from the agency’s current budget, and is $1.5 billion less than the White House request. They are also outraged over lost IRS emails. House Ways & Means Chairman Dave Camp and […]

Read More