November 20, 2007
Candidates for President are talking about Social Security. Despite the knee-jerk reaction of the Democratic Left, this is a very good thing.
November 15, 2007
The IRS is talking about making taxpayer information available online. I am terrified. According to the Don't Mess With Taxes blog, the director of the agency's Office of Electronic Tax Administration, David R. Williams, says that up to three years of returns may be made available to taxpayers as soon as next summer. This is the Service's attempt to be customer-friendly in a 21st century sort of way. And, to some, it may seem like a great convenience. But….
November 13, 2007
In an important new report, the Congressional Budget Office presents a troubling estimate of long-term growth in health care spending. If the projections are even close to correct, they will have a profound impact on tax and budget policy for the foreseeable future. "This is the central long-term fiscal challenge facing the U.S.," says CBO director Peter Orszag.
November 8, 2007
Bloggers have had a field day ridiculing a year-old decision by the Iowa Department of Revenue that would subject certain pumpkins to state sales taxes. True, the decision was worthy of a Halloween chuckle, but the gigglers are missing the point.
November 6, 2007
An awful lot of Democrats suddenly seem to think that senior citizens are overtaxed. Presidential hopeful Barack Obama wants to exempt seniors making less than $50,000 from paying any federal income tax. House Ways & Means Committee Chairman Charlie Rangel (D-N.Y.) has tucked a new $700 above-the-line deduction for real estate taxes into his proposal to extend Alternative Minimum Tax relief for another year. While Rangel doesn’t say so, seniors who have paid off their mortgages and no longer itemize would be big beneficiaries of the new tax break.
November 5, 2007
Politicians and policy experts have paid a lot of attention to those taxpayers who would be exempt from the AMT if the levy is fixed or even temporarily patched. But there is another group that has been largely ignored—those who would still pay the tax but owe far less if the law is patched.
November 1, 2007
In the October 30th Democratic presidential debate, Hillary Clinton was asked what she thought of the tax reform plan offered by House Ways and Means Committee Chairman Charlie Rangel (D-N.Y.). She responded by expressing her deep admiration for the gentleman from New York and explaining that, "I don’t know all the details of what Charlie is recommending." This, of course, is Washington-speak for "I ain't getting anywhere near this soaking puppy."
October 31, 2007
The wildfires in Southern California should have taught us two major lessons: State and local governments need to be better prepared for predictable disasters and, when it comes to emergency services, you get what you pay for.
October 30, 2007
House Republican Study Committee Chairman Jeb Hensarling (R-Tex.) has an extraordinary idea: "The correction of tax mistakes should never be offset with tax increases." Hensarling's Law, which might also be called the Mulligan Act of 2007, came in response to a huge tax restructuring proposed on Oct. 25 by House Ways & Means Committee Chairman Charlie Rangel (D-N.Y.). The core of that plan would repeal the Alternative Minimum Tax and make up nearly $1 trillion in lost revenue over 10 years with an income tax surcharge and other tax hikes.
October 27, 2007
Here are two related items by TPC researchers. Jason Furman has an op ed in the Think Tank section of WashingtonPost.com on the need for...