Category: Tax Issues

Weekend at Bernie’s Spent Thinking of Ways to Raise Tax Revenue

Senator Bernie Sanders (D-VT) recently penned a letter to President Obama urging him to use his (ahem) executive powers to close six corporate tax loopholes. According to Sanders, these loopholes are “egregious” and, by putting a stop to them, the Treasury could rake in $100 billion over 10 years. I am not an expert in Constitutional law, so this […]

Obama’s 2016 Budget Proposal: Eliminating the “Trust Fund Loophole”

Ben Franklin, in a letter to a friend written in 1789, famously stated: “Our Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing can be said to be certain except death and taxes.” President Obama appears to be taking things a step further. His 2016 budget proposal […]

The President’s 2016 “Budget”

President Obama’s $4 trillion FY 2016 budget request was submitted to Congress today.  It seems unlikely it will pass a Republican-controlled Congress, given the plethora of tax hikes and a few silly ideas.  But it is worth noting a few things: The president has never proposed a balanced budget, ever.  To wit, his FY 2016 budget proposes […]

Tax News You Can Use

Now that President Obama has signed the 2014 Tax Extenders bill (H.R. 5771), it’s time to take a look and see what’s in it (to read H.R. 5771, click here): Charitable giving:  Seniors age 70 1/2 and older who are subject to an annual required minimum distribution from their IRA accounts can have the money paid (up to […]

Tax Extenders Bill — An Annual Event!

With barely two weeks remaining in the year, the Senate finally got around to passing the tax extenders bill. The bill extends the lives of some 55 tax breaks through the end of the year.  Most of those tax provisions had expired at the end of 2013, but in what has now become a silly […]

Is a Wealth Tax in Our Future?

The inequality “problem” — the growing gap between the very rich and those near the bottom — has become a popular topic of discussion ever since the release of French economist Thomas Piketty’s book, Capital in the Twenty-First Century, earlier this year. It’s over 600 pages long, so I doubt that anyone has actually read […]

Tax Inversions: A Clarion Call for Corporate Tax Reform

The U.S. Treasury Department issued new rules last month designed to make it more difficult for U.S. companies to strike “tax inversion” deals — transactions in which a U.S. company merges with a foreign business located in a lower-tax jurisdiction, and then reincorporates overseas in order to reduce its tax bill to Uncle Sam. Tax […]

Yes, State Taxes Matter

A recent study by the Mercatus Center at George Mason University found that, unsurprisingly, states with higher taxes have lower economic growth, even when controlling for a variety of factors including a state’s population growth, educational attainment, and value of natural resources.  One of the study’s findings?  A one-percent increase in the average tax rate […]

The Camp Tax Reform Plan Is a Good Start With a Few Caveats

Rep. Dave Camp (R-MI) unveiled a plan today (executive summary here) to simplify the tax code and reduce income tax rates, from the current seven rates to just two rates:  10 percent and 25 percent.   It also groups personal family exemptions into three categories instead of the usual six:  a larger standard deduction, a larger […]