Tax Policy Center

Tom Wolf

: TaxVox
The House plans a vote to repeal the estate tax today. Repealing the levy would cut taxes by $270 billion over 10 years for 0.2 percent of the nation’s richest estates. The White House and Democrats are vehemently opposed . The Joint Committee on Taxation estimates that 5,400 estates will face the
April 16, 2015Renu Zaretsky
: TaxVox
Senate Finance Committee Chair Hatch wants a tax reform bill in 2015. Tax Analysts reports that the Utah Republican aims to mark up a bill later this year. Speaking at Arent Fox, LLP, yesterday, Hatch chided the Obama administration for “lacking engagement” in tax reform. While he wants to overhaul
March 25, 2015Renu Zaretsky
: Daily Deduction
Spenders gonna’ spend, tax-cutters gonna’ cut… The House Budget Committee passed its $3.8 trillion budget, but only after giving in to GOP defense hawks : They got $20.5 billion in defense spending without offsets. Meanwhile, TPC’s Howard Gleckman tries to square the House GOP’s tax cuts with its
March 20, 2015Renu Zaretsky
: TaxVox
High-income households can worry even less about being audited this year. Last year, the IRS audited just 7.5 percent of households earning more than $1 million in 2013. That’s the lowest share since 2009 . Its overall individual audit rate was 0.86 percent, the lowest since 2004. The IRS budget
February 25, 2015Renu Zaretsky
: TaxVox
Bank of America may have helped clients avoid taxes. Since at least 2011, it had been using its US unit’s funds to finance transactions by its European investment-banking arm. In doing so, it was able to help hedge funds avoid taxes on stock dividends. “BANA (Bank of America National Association)
February 12, 2015Renu Zaretsky
: TaxVox
News from the Hill: A compromise $1.1 trillion spending bill is expected to be released today. The House is scheduled to vote on the bill tomorrow and then adjourn for the year. The Senate will likely vote on Thursday, just hours before the December 11 deadline. The package will fund most of the
December 9, 2014Renu Zaretsky