Tax News Jan. 31 - Feb. 4

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News
FRIDAY
What's Next for Tax Code? Geithner Discusses Overhaul with Wide Range of Groups
From D.C. to Davos, the Treasury secretary has chatted up chief executives and academics, bankers and labor groups, Republicans and Democrats, all in the name of fixing a tax code that most everyone agrees could use a major overhaul.

WEDNESDAY
States Bleed Red Ink Despite Tax Revenue Jump
...the preliminary figures are only about 3 percent above revenue levels from 2009, suggesting state fiscal conditions remain fragile and years away from receiving a clean bill of economic health.

TUESDAY
Taxes Boost State Coffers
Rising Revenue in 2010 Reflects Economic Gains but Won't Bridge Budget Gaps.
California Gov. Jerry Brown pushes tax hikes
Californians should decide whether they want to pay $12 billion more in taxes to help plug the state's massive budget shortfall, Gov. Jerry Brown said on Monday.

MONDAY
California Weighs Vote to Renew Tax Increase
California Gov. Jerry Brown on Monday will launch the opening salvo in his campaign to ask voters to help plug the state's $25.4 billion budget hole by extending temporary increases on income and sales taxes.
The $5 Million Tax Break
Congress has set sweet new terms for the gift tax, and families are tearing up their estate plans to take advantage. Here's what you need to know.

Economist Comments
THURSDAY
Debt, Tax Burdens Holding Back Growth
Taxpayers know that their tax liability is simply postponed. Knowing that, taxpayers may act to increase their savings by that amount.

TUESDAY
What's So Special About the 30-Year Mortgage?
There's nothing wrong with these loans, but there's no good policy reason why taxpayers should subsidize them.

MONDAY
Corporate taxes: Cut rate? Sure. But loopholes?
Corporate taxes should be simplified and rate lowered, Obama says. But many loopholes have a powerful constituency.

Blogs
FRIDAY
Oh 'holey' tax system
The federal income tax base is full of holes, like special exemptions, deductions, and credits. Filling them in would broaden the tax base and help the deficit.

WEDNESDAY
HUD ‘Failing the Taxpayers’
That’s what the Department of Housing and Urban Development’s recently retired inspector general had to say in response to rampant malfeasance and mismanagement at public housing authorities uncovered by a joint investigation by ABC News and The Center for Public Integrity.

TUESDAY
We need tax cuts, and we need them now
Government spending programs take time, but cutting taxes would help the economy right away.

MONDAY
The Future of Corporate Tax
The government cannot assume that a dog-walking business is the same as an aluminum smelter. That means that there will still be deductions for legitimate expenses--and wrangling over what constitutes a legitimate expense.

Reports
THURSDAY
The Value Added Tax: Impacts on Florida
A VAT would lower overall economic growth, decreasing both federal and state tax revenue, and would compete for a tax base already tapped by existing state sales taxes. This would particularly harm states like Florida that rely disproportionately on state sales tax revenues.
Cutting Tax Preferences Is Key to Tax Reform and Deficit Reduction
America’s tax system is broken. It’s needlessly complex, economically harmful, and often unfair.