In a 2021 interview , Republican Vice Presidential candidate JD Vance indicated that families with children should pay less in taxes than childless taxpayers at...
If the Court determines that “realization” is a Constitutional requirement, the decision would, at worst, threaten to gut the taxation of capital income. At best, it would require the Court to join Congress and the US Treasury Department in the endless game of whack-a-mole on tax shelters.
The dependent exemption, the earned income tax credit (EITC), and the child tax credit (CTC), supported at times by Republicans and Democrats alike, help bolster...
The Supreme Court upheld Congress’s taxing authority, at least for taxing undistributed corporate profits. But what about Congress’s authority to tax other unreceived profits, like unrealized capital gains or other capital income?
Former President Trump’s proposal to exempt all tips from federal tax would benefit few tipped workers and hurt many. Tax-free tips might help a relatively...
This spring the IRS received more than 139 million individual income tax returns. Those returns give filers the option to direct a few of their tax dollars to the Presidential Election Campaign Fund (PECF). Eligible presidential candidates can use the money to help cover qualified expenses of their political campaigns in both the primary and general elections. But many of us decline the option. Do we not need or want it anymore?
In a recent New York Times column (paywall), Berkeley economist Gabriel Zucman calculated that the highest-income Americans pay only about 23 percentof their income in...