News
Fiscal Times | Super Rich See Federal Taxes Drop Dramatically
The average income on those returns in 2007, the latest year for IRS data, was nearly $345 million. Their average federal income tax rate was 17 percent, down from 26 percent in 1992.
Washington Times | 60-year-low tax revenues contribute to deficit growth
Revenues plunged from their peak of $2.57 trillion in 2007 to reach $2.1 trillion, or 14.8 percent of economic output in 2009 — the lowest level since the 1950s — and taxes remain that low today, according to the Congressional Budget Office (CBO).
Fiscal Times | IRS Approved: 8 Crazy Tax Deductions
Almost 34 percent of tax returns claimed itemized deductions for the tax year 2008, according to tax publisher CCH. Some are totally legit; others are completely ridiculous…
Econ Comments
Heritage Foundation | Taxes Are Not Too Low: It’s the Spending, Stupid
Income taxes accounted for $900 billion of collections, or about 40% of all tax receipts. The federal government spent around $3.5 trillion; the resulting deficit of $1.3 trillion was made possible by borrowing.
Barron's | Corporate Tax Hurdles: A World of Difference
A study finds that, among major nations, the U.S. has the second-highest effective tax rate for corporations. At the bottom of the list: a nation that few equate with low taxes.
WSJ | Where the Tax Money Is
Obama targets the middle class while pretending to tax only the rich.
RCM | Tax the Rich! Tastes Great, Less Filling
Do you really want to challenge the rich into demonstrating their tax avoidance skills while the economy struggles to climb out of recession? Wouldn't you rather have these people use their smarts to grow their businesses?
WSJ | The 30-Cent Tax Premium
Tax compliance employs more workers than Wal-Mart, UPS, McDonald's, IBM and Citigroup combined.
Washington Times | SCOTT: Refocus corporate taxes to grow jobs
American business faces uncompetitive tax rates.
Blogs
Enterprise Blog | Happy to Pay Taxes?
According to the Tax Foundation, in 2012 there will be 53 million people with no federal tax liability in the United States.
Cato@Liberty | The IRS: Even Worse Than You Think
...needless complexity creates an added burden – sort of like a hidden tax that we pay for the supposed privilege of paying taxes.
