Taxpayer asks: I’m a recent college grad working 2 full-time jobs and doing some freelance work on the side. I have recently been asked to provide a w-9 for a $300.00 invoice I sent to a client, who happens to be my old boss. I was wondering, how much money should I withhold to pay…
This week, both the feds and states have been struggling with the idea of balancing the budget by making cuts or increasing taxes. Today’s Fix the Tax Code Friday question is: If you had to choose, would you rather see tax increases or spending cuts? If “spending cuts” is your answer, are there any cuts…
With budget deadlines looming, many states felt that there were no alternatives to balancing the budget other than raising taxes or adding new ones. More than half of all states were considering significant tax changes to fill gaping holes… What a difference a few weeks and some angry taxpayers make. New Jersey recently “found” more…
When New Jersey Governor Corzine and the legislature were scrambling to find ways to fill the holes in their budget, it was clear that they wanted to utilize “sin” or “vice” taxes as much as possible. Unlike income taxes that affect everyone, sin taxes only affect people who engage in certain behaviors. The behaviors considered…
One version of the health care reform bill has passed in the Senate Health, Education, Labor, and Pensions Committee with a vote of 13-10. And this one only costs $600 billion. Committee Chair Sen. Edward Kennedy (D-MA) wrote, about the bill: We have done the hard work that the American people sent us here to…
Last year, while Californians were in the midst of a heated debate on the merits of Prop 8, Charles Merrill took activism into his own hands: he filed papers in Tax Court challenging the Defense of Marriage Act (DOMA). On July 13, the Tax Court ruled that Merrill was not entitled to relief. (Merrill v….
Alexander Hamilton started the U.S. Treasury with nothing and that was the closest our country has ever been to being even. – Will Rogers, American Humorist
House Democrats think they have a plan to pay for health care reform. And yes, it’s going to cost… somebody. The 1000+ page health care plan as proposed by President Obama comes with a hefty price tag. Congress has been charged with coming up with the funds for the plan. That isn’t proving to be…
While watching the Sotomayor Confirmation Hearings (and I hope that you are, even if for a bit), you’ll hear lots of questions. What you likely won’t hear are any significant questions about tax. But don’t panic: it’s not surprising. For one, Sotomayor has not written extensively about tax law. The one case that she is…
It looks like Richard Hatch will have to hitch his star to some other quick scheme to win a million dollars: he won’t be heading to Samoa. US District Judge William Smith has determined that Hatch will not be able to leave home confinement early to travel to Samoa for a special anniversary edition of…