Posts Tagged ‘tax Notes’

Nothing New Under the Sun: The Sad History of the Tax Extenders.

Niece piece by Tax Notes reporter Lindsey McPherson describing the recent history of the tax extenders. Four take-aways:  There is always last-minute drama over bringing them back, most are repeatedly extended, they are almost never paid for, and they are frequently rolled into a bigger bill. In 2004, 2006, 2008, 2010, and 2012 the subsidies […]

A Payroll Tax Math Error Adds $5 Billion To The Deficit

Nothing gets lawmakers and pundits more outraged than government’s proverbial waste, fraud, and abuse. Nearly always, these stories involve spending. But taxes are hardly immune. One case of pure waste involves a simple math mistake that will cost the Treasury $5 billion in lost revenue over the next decade. Much of this windfall goes to […]

Do Private Equity Firms and their Partners Owe Ordinary Income Tax Under Today’s Law?

For a decade, Congress has been debating how to tax managers of private equity firms. The argument is pretty familiar to tax wonks: Should these partners treat this compensation (commonly called carried interest) as capital gains, as they do today? Or should they be taxed at the higher ordinary income rate as President Obama and […]

There is No Health Care Tax on Most Home Sales. Really.

It is the unfounded rumor that never dies: You will have to pay a 3.8 percent federal health care tax on the sale of your house. For all but a handful of taxpayers, this is not true. It is wrong. It is urban myth. It is the revenue equivalent of death panels or the Halliburton […]