Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
I’ve received a bunch of questions over the past fews days like this one: Taxpayer asks: Will retirees on fixed income that pay income taxes receive the rebate? Taxgirl says: It’s really important to understand that nothing is set in stone yet. Despite an accord of sorts between the House and the White House, as…
So what did President Bush have to say about taxes in his State of the Union speech? The following is an excerpt from the President’s speech: To build a prosperous future, we must trust people with their own money and empower them to grow our economy. As we meet tonight, our economy is undergoing a…
The exact nature of the so-called “tax rebate” has been tossed about for weeks now. It’s a confusing issue because the last set of checks mailed to taxpayers in the name of stimulating the economy, which happened in 2001, were credits against tax to be paid. In other words, when tax returns were filed the…
The White House is playing down rumors that Congress has reached an agreement on an economic stimulus package. A spokesman for the White House claims that there is no deal but that there is “progress.” Hmm. Makes me wonder what else is in the cards. Thoughts?
Earlier today, Congressional leaders reportedly reached an agreement on the economic stimulus plan. The agreement is thought to be a mishmosh of the plans offered up earlier. The Democrats failed to gain increases in food stamp and unemployment benefits (increased unemployment benefits were also part of Obama’s plan) that they hoped for. The Democrats did,…
Barack Obama has entered the discussion about economic aid to avert a potential recession by announcing his own version of a stimulus plan. Not surprisingly, it is very close to the plan already touted by Democrats. Obama’s plan would allow each worker in the US a $250 tax credit to offset payroll (Social Security) tax…
You knew, of course, that the issue of economic stimulus packages would all come down to politics. Despite the fact that many economists feel that the tax rebates won’t significantly improve the economy (and the market agrees), Congress and the President are still pushing the plan forward. It’s not yet a done deal, however, because…
As expected, Bush proposed “tax rebates” to stimulate the economy. The idea is that if you get money to folks in the lower to middle classes, they will spend it, boosting the economy back up. In most cases, this is not expected to be an extra tax credit – rather an “advance” against your 2008…
Despite fears from tax professionals of a resurgence of the “tax rebate” fiasco that was 2002, the White House and Congress are reportedly considering an “emergency” rebate package for the current tax year. President Bush has told congressional leaders that he favors immediate income tax rebates for taxpayers. Bush is reportedly asking for tax rebates…
These days, quite a bit has been said about the fair tax – likely because it has been widely touted by a number of presidential candidates, including Huckabee. The fair tax is often compared to the flat tax since both are ostensibly plans that are based on a fixed number. The flat tax plan has…