Deep dives into tax policy — the laws, proposals, and reforms shaping the tax code, explained without the jargon.
…or at least a nice letter to Professor Holcomb over at the University of Minnesota Law School. Caroline’s entry on “Why It’s Time to Take the Red Pen to the Home Mortgage Interest Deduction” come out on top in my legal writing contest. I received a number of great entries and remain really impressed by…
The Philippines have issued a statement clarifying that their ongoing tax amnesty program also applies to estate tax. It’s not a 100% clean slate but does give immunity from prosecution to qualified applicants. The program also imposes an “amnesty tax” of 5% on certain transactions depending on the types of taxpayers and their capitalization (for…
Mitt Romney has said publicly that parents who home school their children should get a federal tax credit to help offset the expense of teaching. “I also believe parents who are teaching their kids at home, homeschoolers, deserve a break, and I’ve asked for a tax credit to help parents in their homes with the…
There is no debate that the wars in Iraq and Afghanistan are costing U.S. taxpayers big bucks. The National Priorities Project has put the estimated cost of the war in Iraq alone at nearly $500 billion. The New York Times puts the figure at $1.2 trillion. Part of the discrepancy lies in how you classify…
That’s what legislatures seem to be trying to find out these days. Wisconsin has enacted a $1.77 per pack cigarette tax (raising the tax an extra dollar per pack) that goes into effect in January 2008. Believe it or not, that will not make Wisconsin the most expensive state to light up. The current average…
I’m been following the conversations on Warren Buffett and his concerns about the tax system and have to say that I find it fascinating. When one of the wealthiest men in the world criticizing our tax system as “tilted towards the rich,” it’s time to take notice. The original video (from 2007) has been removed…
My recent post about an Offer in Compromise (where a taxpayer pays less than their existing liability as part of a deal) gone bad is in stark contrast to a rosier picture painted by CBS News. CBS seems to imply that offers are a bad idea because they reward those with outstanding tax liabilities by…
The proposed permanent internet tax ban did not take pass Congress this week. While this may despite a number of folks, it was not unexpected. What did pass was an extension of the moratorium that was set to expire Thursday. The House voted 402 to 0 to extend the ban for a period of seven…
You gotta love the way that Congress does (or does not do) business. With less than a week to spare before the expiration of the moratorium on an internet tax (sometimes referred to as the Internet Tax Freedom Act, or ITFA), there is still no plan. And in a very Congressional sort of way, Senators…
Today’s Fix the Tax Code Friday question is a reflection of the failed bill to fund insurance for children: Should smokers pay for the children’s health insurance bill with an increase in cigarette tax?