News
WSJ | U.S. Tax Bonanza May Be Tapped Out
All the talk about the fiscal cliff and the inadequacy of the last-minute deal to avert it obscures one fact: It probably provided the government with tens of billions of dollars in unexpected tax receipts.
Bloomberg | Wages a Balm for U.S. Workers Facing Payroll-Tax Shock
An improving job market is boosting wages and providing needed relief just as every American worker gets hit with a tax increase.
NY Times | The Next Round of Tax Increases
When the White House announced the deal on the fiscal cliff last week, it was quick — and correct — to note that much was left undone. There was still “substantial” room, the administration said, to raise taxes on high-income Americans, to reform corporate taxes and to reform entitlements, with the aim of “balanced” deficit reduction.
Econ Comments & Analysis
Fortune | Good luck estimating your new tax rate!
About the only thing the new legislation guarantees is job security for accountants. The already incomprehensible tax system even more incomprehensible.
Blogs
Reason | Why Double Taxation Must Cease
One of the tax changes in the just-passed bill to avert the so-called fiscal cliff is a rise in the long-term capital gains tax for upper-income people (over $400,000 for single filers). During the George W. Bush years, the tax on capital gains (and dividends) dropped to 15 percent.
