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Friday, August 1, 2014

Taxes

News                                                                                                                             
Fox Business | What to Know about ObamaCare's Premium Tax Credit
Normally, tax credits are claimed at year end on your income tax return. However, this credit can be enjoyed right away. Beware, however, if you have a life-changing event that affects the premium tax credit, you will have to report the change to the marketplace.

Econ Comments & Analysis                                                                                            
Houston Chronicle | Laffer: End franchise tax, online loopholes
Now, state leaders have an opportunity to take this success even further by slashing the much-reviled Texas Franchise Tax. But to achieve this, Congress needs to close the online sales tax loophole and give back the state's authority over its own tax code.
Mercatus Center | Why We Should Scrap Mortgage Interest Deductions
Over 64% of the MID tax benefits go to tax filers earning more than $100,000, according to our new study released through the Mercatus Center at George Mason University. While the upper middle class does benefit from the deduction, the vast majority of the dollar benefits go to higher-income taxpayers.