It’s Fix The Tax Code Friday! One of the points that was stressed repeatedly in the presidential debates is the complexity of the Tax Code. Almost all candidates agree that some kind of tax reform is needed but there are differing views of what that reform should look like (you can see a brief overview…
It’s the return of Fix the Tax Code Friday! Since there’s been some discussion on the blog lately about whether or not parents should receive tax “benefits” in the form of exemptions and credits, I thought I would make it the Fix the Tax Code Friday question: Should parents be entitled to exemptions and credits…
It’s Fix the Tax Code Friday! Amid rumors of a recession, there are whispers about bringing back the advanced tax credit a la 2001. Remember when taxpayers received those checks in the mail for a hundred dollars before the end of the year? Why not do it again? The thinking is that it might stimulate…
Earlier in the week, I reported that Georgia is considering implementing a tax on personal services, meaning that professions like barber shops, law firms and accountants would impose a tax on their services, which would likely be passed through to the consumer. This tax would replace property taxes in Georgia. Now, normally, my Fix the…
A number of the presidential candidates have suggested replacing the current tax system with a more simple program. It feels like it shouldn’t be hard to do since Title 26, the Tax Code, is the largest section of the U.S. Code. To put the laws and related documents on paper now takes more than 55,000…
There’s lots of talk on the Hill these days about repealing the alternative minimum tax (AMT). So today’s Fix the Tax Code Friday question is: Should the AMT be repealed or should it be amended to apply to high wage earners only?
So, my father-in-law was saying that he always claimed the standard deduction, despite the fact that he would have saved more money by itemizing, just because it was easier. That brings up an interesting point… Why have itemized deductions at all? Why not just have everyone claim the standard deduction? So, today’s Fix the Tax Code Friday question is:…
I’ve received a number of queries about the capital gains exclusion for the sale of a personal residence (more on that next week). But it made me start thinking about the policy reason for exempting gain and why a limit would be imposed. So, I’m curious to hear what you think. Today’s Fix the Tax…
It’s Fix the Tax Code Friday! It’s also election time. Folks are throwing their hats into the ring left and right… literally. So today’s question is: Should contributions to political candidates be tax deductible (psst, currently, they’re not!)?