Deep dives into tax policy — the laws, proposals, and reforms shaping the tax code, explained without the jargon.
I spent the better part of the day working on my personal taxes (I know, I know). We’re on an extension – we’re always on extension. The thing about doing my own taxes is that it reminds me of all of the stupid tax rules out there – you know, the ones that were either…
Interesting commentary on CNN about why the gas tax doesn’t make sense and why it won’t pass. Pay particular attention to the projected savings to taxpayers. I had not previously heard the totals (other than from Obama) and it really is nearly inconsequential. The savings for the entire summer per family is estimated to be…
The semester before I left for law school, my best friend, Bren, and I packed our stuff into my old Buick Regal (the former family car), affectionately named “Bessie” because she looked like a cow. We were on a mission to examine East Coast law schools that were still on my short list. It was…
Both McCain (GOP) and Clinton (Dem) have called for a temporary suspension of the federal gas tax – or a gas tax holiday – for the summer in response to higher gas prices. Obama has so far not endorsed such a move. There is currently a 18.4 cent federal tax imposed on each gallon of…
Taxpayer asks: Dear Taxgirl, In the last couple months, I’ve received a spammy e-mail asking me to sign an “electronic petition” against a tax increase so the government can provide health care to illegal aliens. I deleted this whenever I got it, because it just sounds like some urban legend to me. I mean who…
The first wave of rebate payments will be direct deposited today. You can check the revised payment schedule here. It will be interesting to see how the market reacts – if at all – to the anticipated buoyed spending. Of course, as President Bush has now acknowledged that most folks will spend the rebates on…
The Texas Entertainment Association (TEA) has announced that adult cabarets (or as most people call them, strip clubs) received notification from the Texas Comptroller that the $5 stripper tax is due despite a court ruling that the tax is unconstitutional. A Texas judge had ordered that the, “Defendants are permanently enjoined from assessing or collecting…
To no one’s surprise (except Murphy’s counsel), the Supreme Court denied cert in Murphy v. IRS, 493 F.3d 170 (D.C. Cir. 7/3/07). Counsel for Ms. Murphy has indicated that the process has been political – you can read the press release here. You know that I’ve had my say about Murphy – read up if…
Thirty-five percent of taxpayers who expect to receive a tax rebate this year plan to use the money to pay utility, credit card, housing or other bills. This is according to an AP/AOL Money & Finance poll. Those numbers are up a few points from the twenty-seven percent who made the same statements a year…
The House of Representatives Ways and Means Committee approved a bill that would offer tax breaks to first-time home buyers. The proposal would allow first-time home buyers, within income limits, a refundable tax credit of up to $7,500 that would have to be repaid to the government over a period of fifteen years. The tax…