Browsing Tag

income tax

Income Tax

Report: IRS installment plan hold time was 47 minutes in 2017

Man on phone picture by Photo by freestocks.org on Unsplash

The IRS’ Taxpayer Advocate has released its review of the 2017 filing season (PDF).

While noting that tax filing was relatively hassle-free for those who did not require assistance from the IRS, the Advocate found that “results were mixed” for taxpayers who sought help from the agency. Continue reading “Report: IRS installment plan hold time was 47 minutes in 2017” »

Daily

Brookings: How Income Tax Changes Impacts Economic Growth

Photo of 20 dollars by Vitaly, Sand City, United States - via Unsplash

A report from Brookings: “Effects of Income Tax Changes on Economic Growth.”

Brookings has an interesting white paper about how changes to the individual income tax affect long-term economic growth.

The structure and financing of a tax change are critical to achieving economic growth. Tax rate cuts may encourage individuals to work, save, and invest, but if the tax cuts are not financed by immediate spending cuts, they will likely also result in an increased federal budget deficit, which in the long-term will reduce national saving and raise interest rates.

The net impact on growth is uncertain, but many estimates suggest it is either small or negative.
Continue reading “Brookings: How Income Tax Changes Impacts Economic Growth” »

Daily

Dealbook: Could the State and Local Tax Deduction be on the Chopping Block?

Home / house photo by Drew Coffman via Unsplash.

From The New York TimesTo some, it is a tax on blue-state liberalism. To others, it eliminates a costly perk for the wealthy.

To many taxpayers, however, the federal deduction for state and local taxes is a cherished break that can save them thousands of dollars in double taxation.

President Trump and House Republicans, riding a wave of conservative and populist sentiment, are pushing to end the provision. Yet they must overcome a long tradition and powerful opponents, including Republican and Democratic officials in wealthy, populous states like California, New Jersey, New York and Texas.
Continue reading “Dealbook: Could the State and Local Tax Deduction be on the Chopping Block?” »

Law

Where government tax revenues come from

Man at office building by Chris Davis via Unsplash

A fascinating project from former Microsoft executive Steven A. Ballmer is now live — USAFacts.org offers a great user-friendly look at government data.

The website gives insights on the American population, government finances, and the goverment’s overall impact on society.

In addition to providing data and analysis, there’s also a slick 2017 report which highlights the most interesting data. Continue reading “Where government tax revenues come from” »

Foreign Taxes Politics

Wealthy French taxpayers consider relocation

Paris, France, by Tasi Zoltán via Unsplash

Some wealthy Parisian taxpayers are considering relocating if presidential candidate Jean-Luc Melenchon wins the upcoming French election.

It appears that these French taxpayers are a bit more serious than the Americans who threaten to move to Canada every four years — Melenchon’s tax policies could severely impact the pockets of the country’s wealthiest citizens. Continue reading “Wealthy French taxpayers consider relocation” »