Individual Taxes Archive

Taxing Capital Gains at Death at A Higher Rate Than During Life

TweetShareSharePin0 Shares President Joe Biden and Senate Finance Committee Chair Ron Wyden (D-OR) have proposed different ways to tax unrealized capital gains every year. Their shared goal is understandable, with trillions of dollars escaping income tax under current law. But each plan raises serious administrative and legal problems. We suggest a simpler, more effective approach:

The Elephant in The Room: The Gap Between Federal Retiree Benefits and Taxes Paid

TweetShareSharePin0 Shares President Trump was afraid to tackle the dominant set of spending and tax issues facing the federal government. Ditto, so far, for President Biden. Under current law, the Social Security and Medicare trust funds that pay out crucial benefits to retirees will go insolvent by roughly 2034 and 2026, respectively, triggering large mandatory

Congress Can More Modestly Expand The Child Tax Credit And Still Help Very Low-Income Families

TweetShareSharePin0 Shares As President Biden and congressional Democrats make another push to reach a compromise on a social spending, climate change, and tax bill, a key issue is what they’ll do with the Child Tax Credit (CTC). The Tax Policy Center analyzed five options that show how lawmakers could partially restore the expanded 2021 version

How to Undertake Reform of the Charitable Deduction

TweetShareSharePin0 Shares Among its many changes, the 2017 Tax Cuts and Jobs Act substantially increased the share of federal income taxpayers taking the standard deduction, leaving fewer tax filers claiming the tax deduction for charitable contributions. Ever since, some lawmakers have sought ways to incentivize giving for those who don’t itemize. It’s unlikely that Congress

Why Another Brutal Filing Season for The IRS May Not Help It Get More Funding

TweetShareSharePin0 Shares The Internal Revenue Service has limped through yet another tax filing season, reduced to plugging staffing holes in customer service and returns processing by shifting workers around—and thus creating new tax administration gaps. Thanks to months-long delays in processing millions of 2020 tax returns, the agency’s most visible vulnerabilities have shifted from enforcement

Are Taxes Complicated? Compared to What?

TweetShareSharePin0 Shares As the April 18 deadline for filing income tax rapidly approaches, many people will complain about how complicated the process is. But there is a flip side: The income tax provides “one stop” shopping that enables people to receive, in one fell swoop, the benefits of numerous social policies and economic incentives. Including
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