Individual Taxes Archive

TweetShareSharePin0 Shares In November, our children’s high school principal announced he’ll retire at the end of the year, after 16 years of service. I was shocked, but shouldn’t have been. After nearly two years of chronic upheaval and conflict in public education as a result of the COVID-19 pandemic, I can only imagine how attractive

TweetShareSharePin0 Shares A prediction: When Congress finally passes the Build Back Better bill, Hill leaders will quietly slip in at least one obscure, last-minute tax break to benefit an elite group of wealthy taxpayers. Few lawmakers will know it is there. Journalists won’t discover it until after the measure has passed. It won’t be the

TweetShareSharePin0 Shares The House Democrats’ latest plan to adjust the cap on the state and local tax (SALT) deduction would provide little or no benefit for low and middle-income households but generate a substantial tax windfall for those with much higher incomes, according to a new analysis by the Tax Policy Center. The latest plan

TweetShareSharePin0 Shares Democrats, scrambling to find a way to tax high-income households that Congress is willing to enact, appear to have settled on an individual income tax surtax. Their “millionaire’s surtax,” announced by President Biden this morning, would raise taxes on all forms of income, including wages, capital gains, and dividends. It would impose a

TweetShareSharePin0 Shares Ever since Congress capped the state and local tax (SALT) deduction in 2017, a small group of Blue State Democrats has demanded the cap’s repeal. Indeed, they have made it their price for supporting President Biden’s Build Back Better social spending bill. Now, it appears they may get their wish. The result, though,

TweetShareSharePin0 Shares Senate Finance Committee Chairman Ron Wyden (D-OR) likes to say: “There are two tax codes in the United States: one for workers who pay taxes out of every paycheck and the other for high-fliers who use games and tricks to avoid their taxes.” He’s now proposing to add a third tax code, one for

TweetShareSharePin0 Shares Senators Mike Crapo (R-ID) and Chuck Grassley (R-IA) recently asked for an investigation into the Internal Revenue Service’s research activities, including its use of contractors to conduct studies and its  security protocols. The senators are right to be concerned about taxpayer privacy, especially after ProPublica’s recent articles about the tax situations of very