Taxes

Washington Post: "Lawmakers Should Offer Up a Fiscally Responsible 'Tax Extenders' Bill"

We couldn't have said it better ourselves! A Washington Post editorial today called on Congress to break with the trend of recent Congresses and actually pay for any extensions for expired and expiring tax provisions.

Ways and Means Releases a Tax Reform Video

Today, the House Ways and Means Committee launched a new website on tax reform, compiling all of the Committee's useful resources on the subject. We've talked about the great benefits of reforming the tax code by eliminating the many of the complicated, inefficient, and regressive tax expenditures that will cost the federal government over $1.2 trillion in forgone revenues in 2014.

Hubbard: Tax Reform is the Best Way to Tackle Income Inequality

Last month, President Obama gave a speech on rising income inequality in the United States, which is a theme expected to be prominent throughout the President's 2014 agenda.

IRS Taxpayer Advocate Releases 2013 Report

Yesterday, the IRS Taxpayer Advocate released its 2013 annual report, detailing what it sees as the largest problems facing taxpayers. The Taxpayer Advocate Service is an independent organization within the IRS that helps taxpayers resolve problems with the IRS and recommend changes that will prevent those problems.

Baucus Draft to Extend and Reform Energy Incentives

It's the beginning of 2014, and Congress did not pass legislation to extend the "tax extenders," a collection of over 50 provisions that expired at the end of 2013. Although they might later be extended retroactively, that means that a motley collection of tax breaks for research and spending by small businesses, along with specialized breaks for Puerto Rican rum, NASCAR tracks, racehorses, and movie studios have vanished, at least for now.

An Irresponsible "Tax Extender" Package

Senate Democratic leadership is reportedly considering a last minute effort to extend 55 expiring tax provisions for another year, including a large number of so-called “tax extenders” as well as the supposedly-temporary bonus depreciation. This package could cost $40 to $50 billion and includes no offsets.

A Responsible Approach to Tax Reform

Last month, Senate Finance Committee Chairman Max Baucus (D-MT) released three tax reform discussion drafts. One of the most commendable elements in these discussion drafts is Baucus’ focus on the long-term impact of reform – ensuring it will not add to the deficit in future decades.

Baucus Releases Cost Recovery Draft

This week, Senate Finance Chairman Max Baucus (D-MT) has been moving forward with tax reform, releasing three discussion drafts. On Tuesday, he released a draft of international tax reform intended to make the U.S. more competitive with other developed countries. On Wednesday, he released a draft on tax administration, intended to fight fraud and simplify the filing process.

Baucus Releases Tax Administration Draft

This week, Senate Finance Chairman Max Baucus (D-MT) is moving forward with tax reform, releasing three discussion drafts. Yesterday, he released a draft of international tax reform intended to make the U.S. more competitive with other developed countries. Today, he released a draft on tax administration, intended to improve the way taxes are collected and make it easier for taxpayers to file. Tomorrow, he will release a draft changing how businesses claim costs from their expenses.

Baucus Releases International Tax Reform Draft

This week, Senate Finance Committee Chairman Max Baucus (D-MT) is moving ahead with tax reform, starting with the release of discussion drafts on reforming the international tax system, tax administation, and cost recovery. Today, Baucus released the draft on international taxes.

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