Tax Policy Center

Kansas

: TaxVox
There’s a revenue surge in California. The state is exceeding its 2013 tax collections and beating 2014 forecasts. The Franchise Tax Board netted $7.6 billion in personal income taxes between April 1 and this past Monday. It collected $6 billion during the same period in 2014. The state’s school
April 22, 2015Renu Zaretsky
: TaxVox
Still on deck in the Senate: It is expected this week to renew dozens of expired tax breaks, including tax cuts for business research, wind power, and foreign profits. It’s worth remembering that if a $42 billion package like this gets passed every year , the federal deficit could grow by $800
December 16, 2014Renu Zaretsky
: TaxVox
Can a state tax all of the income of its residents, wherever it is earned? The US Supreme Court heard oral arguments yesterday in Comptroller v. Wynne . A decision will answer whether residents of one state are liable for taxes on income earned in another state, even if that income has already been
November 13, 2014Renu Zaretsky
: TaxVox
If you cut it, will it do more? The IRS budget has been cut by $1 billion over the past four years, with a subsequent loss of 10,000 IRS jobs. Late Monday night, the House GOP by voice vote voted to cut $1.14 billion for the next fiscal year, or 13 percent below last year’s budget . The funding “
July 16, 2014Renu Zaretsky
State and Local Issues: TaxVox
Kansas Governor Sam Brownback and his state legislature have embarked on a wonderful natural experiment. Once again we are testing the question: Can tax cuts pay for themselves? The answer-- yet again-- is a resounding no. We’ve tried this experiment time and again. And tax cut proponents such as
July 15, 2014Howard Gleckman
: Daily Deduction
The FATCA wait is over. The Foreign Account Tax Compliance Act goes into effect tomorrow. It is designed to prevent tax evasion by US citizens with more than $50,000 held in foreign banks, investment funds, and other institutions. China is the latest nation to join about 80 other jurisdictions in
June 30, 2014Renu Zaretsky
State and Local Issues: TaxVox
Just months ago, to the joy of conservatives and the consternation of liberals, several Republican governors proposed major tax reform plans. At least three--Bobby Jindal...
April 16, 2013Howard Gleckman