News
Bloomberg | U.S. Imposes Tax Reporting Rule on Nonresidents’ Bank Deposits
The U.S. will require banks to report interest payments to nonresident aliens starting in 2013 in a setback for banks and Republican lawmakers who say the plan will drive away investments.
Econ Comments & Analysis
CRS | An Overview of Tax Provisions Expiring in 2012
The Congressional Budget Office (CBO) estimated that extending these provisions through 2022, except for the payroll tax cut, which CBO assumes expires as scheduled at the end of 2012, would reduce revenues by $5.4 trillion between 2013 and 2022. Specifically, over this 10-year budgetary window extending the Bush tax cuts and extending the AMT patch would reduce revenues by $4.6 trillion, while extending the tax extenders would reduce revenues by $839 billion.
The American | The Unfairness of the Buffett Tax
According to a recent poll, nearly two-thirds of us agree that the idea of hiking tax rates on rich people would be fairer to the non-rich taxpayers. But how many of us would favor a proposal to hike taxes on old people instead of rich people—that is, on gramps, granny, and their fellow retirees in the middle and lower income classes?
Washington Post | The ‘Buffett Rule’ does damage to a good cause
Warren Buffett has become a political prop — and, perhaps, an object lesson in how business leaders, when they enter the political arena, are easily manipulated. Their efforts to “do good” are often twisted to suit the narrow interests of their political patrons. That’s the story of Buffett and President Obama.
Washington Times | Buffett rule’s deceitful consequences
President Obama released his tax return last week, showing he had an effective rate of a little more than 20 percent of his income, even though he is rich by his own definition. One of major ways the Obamas were able to reduce their tax rate was by giving away 22 percent of their income to charity
Investors | California Blazes Wrong Trail On Tax Hikes For Rich
Tuesday is Tax Day. There's no better time to take a closer look at the "tax-first" policies being bandied about by lawmakers in an attempt to dig this country out from under its debt.
AEI | Hassett to Joint Economic Committee: How the taxation of capital affects growth and employment
The following are highlights of Kevin Hassett's testimony to the Joint Economic Committee at a hearing entitled "How the Taxation of Capital Affects Growth and Employment" on April 17, 2012.
Blogs
Political Calculations | 2012 Tax Day Fun: File Your 1913 Income Taxes
Tax day 2012 has arrived! And what better way to mark the day where your income taxes have finally come due than by providing another form for you to fill out just so you can see how much you would have been taxed when income tax forms were first issued by the IRS in 1913!
Tax Foundation | Tax Freedom Day and Some Other Ways to Measure the Cost of Government
Today is the due date for federal income taxes, but it is also Tax Freedom Day, the day Americans will finally have worked long enough to pay all federal, state and local taxes. We also calculate Tax Freedom Day by state, and reporters and taxpayers around the country have been analyzing our numbers in the past weeks and seeing how their state compares.
Political Calculations | How High Will the Top Income Tax Rate Go?
Now that we've covered your ideas for what might work for a flat income tax for the U.S., let's say you're one of those really twisted people who don't care how twisted you make the income tax code, so long as you stick it to the topmost income earners in any given year. Even if they're never really the same people.
