News
CNN Money | Pot taxes won't be as high as hoped
It's been just three months since marijuana was legalized in Colorado, but economists don't think the state will raise as much in taxes as was hoped.
CNBC | Average tax bill for the 1% this year: $525,000
For most Americans, the tax increases passed in January 2013 look like ancient history. But for the wealthy, the bill for those changes is now coming due.
Econ Comments & Analysis
ATR | Obama has Proposed 442 Tax Hikes Since Taking Office
Since taking office in 2009, President Barack Obama has formally proposed a total of 442 tax increases, according to an Americans for Tax Reform analysis of Obama administration budgets for fiscal years 2010 through 2015.
Washington Times | A sadder and poorer Tax Day
The federal government will consume 20.5 percent of America’s total income this year. It’s not as bad as in France or Greece, but somewhat worse than when we formed these United States. When we were Colonies under the British, the average tax burden on American colonists was 2 percent. That was considered unbearable, and the revolution was on.
Politico | The Case for Tax Reform
For many Americans, today’s Tax Day thoughts will likely center on how much of a year’s earnings must be surrendered to Uncle Sam to fund the federal government. But another concern is why we lose so much income and so many jobs because our tax system is so badly designed. For our elected officials, Tax Day also offers the chance to consider the most significant economic policy change they could make to raise growth and incomes: tax reform.
WSJ | Top Earners Feel the Bite of Tax Increases
The jump in federal tax rates that kicked in last year is causing sticker shock for many higher earners this tax season. That, in turn, is rekindling a debate over a question likely to smolder for a long time: How much more could—or should—taxes go up on the well-to-do?
Real Clear Markets | On Tax Day, Tax-Cutting Candidates Take Center Stage
By Tax Day, April 15, Americans have spent an average of 27 hours filling out their tax returns. Tax collections are at a record high. The government's numerous encounters with the debt ceiling and a potential default have placed fiscal policy front and center in this year's midterm elections.
Mercatus | Trends in EITC Spending and Numbers of Beneficiaries
The Earned Income Tax Credit (EITC), a refundable tax credit given to qualifying low-income working Americans, has been heralded as an effective anti-poverty tax incentive by commentators on both sides of the aisle since it was first introduced in 1975.
Blogs
Heritage Foundation | Where Did Your Tax Money Go?
Major entitlements (Medicare, Medicaid, and Social Security) gobbled up 49 percent, while more federal benefits took another 20 percent. These additional “income security” benefits include federal employee retirement and disability, unemployment benefits, and welfare programs such as food and housing assistance. Obamacare spending didn’t really kick in until 2014, so that will show up in next year’s breakdown.
Heritage Foundation | Most Small Businesses Burdened by Costly Tax Preparation Process Support Tax Reform
Small businesses are increasingly burdened with tax preparation costs, with a majority spending over a week per year on federal tax preparation and thousands of dollars on external accounting firms, according to the National Small Business Association’s (NSBA) 2014 Taxation Survey released last week.
