Tag: ‘online sales tax’

On Patience, Consistency, and Savvy

By :: June 17th, 2015

Corporate rate cuts: Maybe not this year, after all. Bloomberg reports that House Republicans have greater interest in reanimating expired tax breaks and changing the international tax system. What about cutting the corporate tax rate and the possible effect on small businesses? House Ways & Means Chair Paul Ryan says he’s worried about “exacerbating the […]

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It’s Spring Break, and “Everything’s Coming Up Taxes…” (No Daffodils)

By :: April 6th, 2015

Congress is in recess and the Daily Deduction will post Mondays until it reconvenes. We’ll be back to our regular schedule on April 13.  Taxpayers: How are IRS budget cuts affecting you? You can find out on Wednesday from IRS Commissioner John Koskinen at a TPC event at the Brookings Institution. Koskinen will discuss how […]

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Credits, Collections and Refunds

By :: March 11th, 2015

The Department of Homeland Security didn’t shut down, but… fallout remains over the President Obama’s executive orders on immigration and their effect on low-income tax breaks. Senate Finance Committee Chair Orrin Hatch wants the Administration to say how many immigrants protected from deportation would receive Social Security numbers. He doesn’t believe the Social Security Administration’s […]

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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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Taxes: To Be Considered, Rejected, or Collected

By :: January 9th, 2015

The White House plans to release its budget on February 2. It would be the first time since 2010 that the Administration would meet  the deadline for the roll-out. The Hill reports that the OMB hopes such timeliness will restore some discipline to an old and broken-down process. Broken down perhaps, but not without a […]

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Reducing Income Inequality, Taxing Businesses to “Hire American”

By :: July 24th, 2014

Have Obama’s tax policies reduced income inequality? TPC has some new data, but the answer depends on who you compare him to. Relative to George W. Bush, who pushed major tax cuts for high-income households, Obama has reduced inequality. But compared to Bill Clinton, his policy is pretty standard Democratic fare. The Washington Post has […]

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Baskets of Billions, Inversions and Revenues

By :: July 22nd, 2014

Did banks help a hedge fund avoid $6.8 billion in US taxes? Yes, according to the Senate Homeland Security and Government Affairs panel’s Permanent Subcommittee on Investigations. Its report, released in advance of this morning’s hearing, argues that “basket option structures” were designed to conceal two things: the true ownership of sets of assets; and […]

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Penalties, Subsidies, and Tax Exemption “Gooooooals”

By :: June 13th, 2014

As expected, the House passed more tax extenders. The House voted to make permanent $75.2 billion worth of tax breaks yesterday—small business expensing of up to $500,000 in qualifying equipment per year, and rules regarding basis adjustments to the stock of S corporations making charitable contributions of property. The House did not consider any proposals […]

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The Supreme Court Opens The Door to Sales Tax Collections by Online Sellers

By :: December 3rd, 2013

Yesterday, by doing nothing, the U.S. Supreme Court took a giant step towards ending the decades-long dispute over whether states can require online retailers to collect sales taxes. In effect, the High Court ruled that, absent congressional action, states have broad authority to require Internet sellers to collect those levies just as their Main Street […]

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Five Things You Should Know About the Online Sales Tax Bill

By :: April 23rd, 2013

The Senate is close to passing a bill that would let states require online and catalogue sellers to collect sales taxes on the products they sell. Congress has been struggling with this issue for decades, yet few disputes have generated as much confusion and misinformation as this one. To help separate myth from reality, here […]

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