News
NY Times | For Americans Abroad, Taxes Just Got More Complicated
As income tax filing deadline rolls around, spare a thought for the millions of Americans overseas who have been singled out by Congress for special treatment, with a new form that will add to the hassle of tax time for many and, critics say, set up the unwary for penalties.
Market Watch | Taxes: Are you paying your fair share?
Even as President Barack Obama pitches the “Buffett rule” to ensure that millionaires pay at least a 30% tax rate, some commentators are decrying the fact that about half of U.S. taxpayers don’t pay any federal income tax.
Politico | Hill girds for tax-bill battle
With the glare of the public spotlight trained on Tax Day, Congress is readying for a political fight with dueling tax votes this week that will define each party’s priorities in this election year.
Econ Comments & Analysis
Politico | Skip Buffett tax, try for real reform
In the middle of the weakest recovery since the Great Depression, with more than 20 million Americans still out of work or underemployed, it is reasonable to expect that President Barack Obama and Congress would focus on real solutions to create jobs — including reforming our inefficient, complex and outdated tax code.
WSJ | The TurboTax Crime Wave
Taxpayers who employ an accountant or other preparer have some protection from daunting penalties if the IRS finds mistakes. Software users who prepare their returns without help have little or no protection.
Forbes | Why Voters Should Abolish the Mega Millions Lottery
Lots of fun was had, even for the losers, though not discussed enough are the major negatives that come with lottery programs run by the State. If tax rate cuts are the gift that keeps on giving, then lotteries are the hidden theft that keeps on taking.
Washington Times | Washington’s tax revolt
The other Washington - the state on the left coast - is fed up with taxes. That’s a bit surprising considering the liberal outpost happily cast its 11 electoral votes for Barack Obama and hasn’t sided with a Republican in nearly three decades.
WSJ | Winning the War Against Women
The Democrats have found their kind of war. It's the "war against women" they have conjured for the Obama Presidential campaign run. Should be fun, but don't look for any of the combatants to speak for the realities of today's women. Still, there's an opportunity here for Mitt Romney, if he'll seize it.
Forbes | Obama's Missing Principle on the Buffett Rule
Pity the poor aide operating the White House Twitter account yesterday who wrote “principal” instead of “principle” in a sentence describing the Buffett Rule named for billionaire investor Warren Buffett. As the aide unwittingly suggested, a tax plan built around the circumstances of one CEO is less about principle than, well, a principal.
Blogs
CATO | The Laffer Curve Shows that Tax Increases Are a Very Bad Idea – even if They Generate More Tax Revenue
The Laffer Curve is a graphical representation of the relationship between tax rates, tax revenue, and taxable income. It is frequently cited by people who want to explain the common-sense notion that punitive tax rates may not generate much additional revenue if people respond in ways that result in less taxable income.
Reason Foundation | State Tax Collections Rise $62 Billion in 2011
State tax collections increased $62.1 billion—or 8.9 percent—up to $763.7 billion in 2011, according to the U.S. Census Bureau’s recently released 2011 Annual Survey of State Government Tax Collections.
The American | Here’s what Ron Paul’s tax plan would do to the federal budget
Well, I’d like to have everybody taxed at the same rate, and of course, my goal is to get as close to zero as possible, because there was a time in our history when we didn’t have income taxes. But when government takes it upon themselves to do so much, you have to have a tax code.
Tax Foundation | New “Rich States, Poor States” Report Looks at Tax and Spending Policy
This week, the American Legislative Exchange Council released their 5th edition of the annual Rich States, Poor States report, which ranks states according to a variety of tax, spending, and regulatory policies.
Daily Capitalist | Obama, The Buffett Tax, And Economics
The controversy over the “Buffett tax” on “millionaires” and “billionaires” continues since my post, “The Obama Plan To Increase Poverty”. The media have been full of interviews and commentary about this. The President continues to hammer away at his claim that the lack of wealth redistribution is a “drag on the economy.”
Tax Foundation | White House Overstates Middle Class Tax Rate, Fails to Mention Payroll Tax Holiday
Scott Hodge recently commented on how the White House has used the chart below to bolster their claims that high-income earners pay too little tax, when in fact it indicates the top 1 percent pay about twice what middle-income households pay.
