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Individual Taxes Archive

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

The Energy Tax Policy Conundrum: Do We Want To Reduce Fossil Fuel Prices Or Increase Them?

TweetShareSharePin0 Shares State and federal lawmakers are debating an extraordinary range of often-contradictory energy-related tax changes. These inconsistencies have existed for years, but they rarely have been more apparent than today. We are at a time when climate experts increasingly are warning of the growing risks of unchecked fossil fuel use. Yet, we also are

The Many Ways To Tax The Rich

TweetShareSharePin0 Shares How to tax the rich? Let us count the ways. New taxes on capital income? Higher income tax rates? A wealth tax? Some mash-up of all these ideas? All aim to raise taxes on the very rich, driven by the twin desires to boost revenue and address growing wealth inequality. But while these

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