Pennsylvania

: TaxVox

Sorry, Pennsylvania Voters, Your Property Tax Isn’t Going Anywhere

On Election Day, 54 percent of Pennsylvania voters backed a convoluted ballot initiative aimed at ending homeowner’s property taxes. Sounds great, right? Well, unfortunately for...

November 17, 2017Richard C. Auxier

The TaxVox Lump of Coal Awards for the Ten Worst Tax Ideas of 2015

It is time for TaxVox’ s annual Lump of Coal awards for the worst tax ideas (or most depressing tax stories) of 2015. As always, choosing the Top 10 was not easy, but here they are: 10. The Michigan House . Lawmakers tried to pay for new transportation projects by eliminating the state’s earned

December 21, 2015Howard Gleckman

: Daily Deduction

States of Growth and Reform

Will cuts to a state’s top income tax rate boost growth? Not necessarily. In a new TPC paper , Bill Gale, Aaron Krupkin, and Kim Rueben find little evidence linking state-level economic growth and taxes, especially income tax policy. Neither tax revenues nor top income tax rates have a steady

May 4, 2015Renu Zaretsky

: TaxVox

Death and Taxes: Certainty and Conflict

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

: Daily Deduction

Spending Cuts and Tax Cuts: Just Shake ‘Em Off

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

To Collect Money You Have to Have Money

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

Dividends, Bills, Assets and Software

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

Hits or Misses in Budgets and Courts?

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

: TaxVox

Income Inequality and Time for State Action

Income inequality may shrink state tax revenues. A new report from Standard & Poor’s tells the tale. Incomes have grown rapidly among the wealthy, but have barely kept pace with inflation for many others. But high income earners both shelter their income from taxes and save more, reducing state

September 16, 2014Renu Zaretsky

: Daily Deduction

The Tax Man Cometh, But Sometimes Collects Less

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