The individual income tax has never taxed the very wealthy much. Donald Trump may have claimed huge losses starting in the early-1990s, but, like other...
The New York Times expose on Donald Trump’s apparent use of real estate tax losses to avoid paying income taxes for years has the political world abuzz. But the revelation raises another interesting question: Should any of our tax returns be private?
The US federal tax system is highly progressive, primarily because individual income tax rates rise sharply with income and refundable tax credits lead to negative...
The other day, a Daily Deduction reader asked why I used the phrase “tax relief” as a synonym for “tax cuts.” He suggested that “relief” is a loaded term that implies taxes are too high and therefore bad, and that tax cuts, in turn, are good. That hadn’t occurred to me.
The federal government imposes individual income taxes at seven rates, ranging from 10 percent up to 39.6 percent. But for all the attention policymakers pay...