tax code

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Rand Paul: Time for Flat Tax of 14.5%

'Blow up the tax code,' he writes

(Newser) - Rand Paul doesn't want to reform what he thinks is a ridiculously complicated and corrupt tax code, he wants to destroy it. In the Wall Street Journal today, the presidential candidate lays out a plan to "blow up the tax code" and replace it with a 14.5%... More »

Finally, Washington Sees a Way Out

Obama, House GOP leaders to meet today

(Newser) - Signs of hope in DC: Both parties are increasingly pushing for an end to the government shutdown and a debt-ceiling increase, with President Obama set to meet with 18 top House Republicans today, the Hill reports. Those Republicans include Paul Ryan, who's at the forefront of a short-term plan... More »

IRS Gives Its Blessing to Married Gay Couples

Same-sex spouses get same treatment as hetero couples

(Newser) - It's another milestone for gay marriage, this one involving joint tax returns. The IRS says it will recognize all legally married gay couples, even if they no longer live in states that allow same-sex marriage, reports LGBTQ Nation . They can move wherever they want, and their federal tax status... More »

What Writeoffs Might Die in Senate's Tax Code Overhaul

Max Baucus and Orrin Hatch trying 'blank slate' approach

(Newser) - Don't look now, but the Senate is sort of rewriting the entire tax code. Max Baucus and Orrin Hatch are trying an ambitious "blank slate" approach to the code, throwing out every tax provision and putting the onus on their supporters to justify their continued existence—and they... More »

Wealthiest 20% Get Lion's Share of Tax Breaks

Democrats and Republicans both hail new CBO report

(Newser) - The top 20% of households in terms of income get a bit more than half of the 10 most significant tax breaks in the code, according to a new Congressional Budget Office analysis, with an outsized 17% of all savings going to the richest 1%. The report is being both... More »

Apple Case Clinches It: We Need Tax Reform Now

Don't blame the company, blame the tax code, say critics

(Newser) - So what can we take away from Apple chief Tim Cook's testimony on Capitol Hill yesterday about the company's byzantine tax strategy ? Not that Apple did anything illegal, only that it's savvy enough to employ "smart accountants and tax lawyers," says the editorial board... More »

US Companies Stashing $1.9 Trillion Overseas

'Broken' tax code causes offshore hoarding to soar $183B last year

(Newser) - The top 83 US-based companies now hold a massive $1.45 trillion offshore, parked in low-tax countries, after increasing those holdings by 14.4%—or $183 billion—just in the last year, reports Bloomberg . The leader in offshore profit parking is GE, with $108 billion, up $6 billion from last... More »

How a Tax Break for Farmers Saves Big Firms Big Bucks

'NYT' sees it as example of how messy tax-code reform will be

(Newser) - Reforming the tax code will be a pitfall-studded affair, asserts the New York Times , which today offers up the tax break for "like-kind exchanges" as proof. This particular break was established nine decades ago as a way to help family farmers. It permitted them to sell land, equipment, or... More »

How the Charitable Deduction Benefits the Rich

'Average Americans paying for billionaires' generosity,' writes Fred Hiatt

(Newser) - A call to limit the charitable deduction may sound heartless—what about all those churches and museums and schools and nonprofits?—but the deduction actually benefits the rich, while "the rest of the country has to make up the gap," writes Fred Hiatt in the Washington Post . A... More »

Sorry, Olympic Medalists Don't Deserve Tax Break

Last thing our tax code needs is yet another loophole: Conor Friedersdorf

(Newser) - Marco Rubio claims he wants to simplify the tax code—so why in the world is he calling for Olympians not to be taxed on their winnings? Such a plan "is a perfect example of why the tax code is a complicated and burdensome mess," writes Conor Friedersdorf... More »

Obama to Congress: Here's Your 'To-Do List'

Items include bringing jobs back to US, tax credits for small business

(Newser) - Because Congress loves being bossed around like nothing else, President Obama will today unveil a "to-do list" of priorities, which have historically had bipartisan support, and which he says will "help restore middle class security." "At this make-or-break moment for the middle class, we need to... More »

GOP Rolls Out Budget With Huge Tax Cuts

There would be just two brackets, with the top at 25%

(Newser) - House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our... More »

Billionaires' Tax Tricks Hide Huge Gains

Millions go unreported thanks to 'unrealized appreciation'

(Newser) - If President Obama wants a "Buffett Rule" to keep billionaires paying their fair share of taxes, he’ll have to look at the "800-pound gorilla" in the room, tax experts say. That gorilla, explains one expert, is "unrealized appreciation"—cash that America’s wealthiest take in... More »

GOP Offers New Tax Deal, Backs Higher Revenue

Democrats dismiss it, say it hurts middle class

(Newser) - With a Thanksgiving deadline fast approaching, the GOP members of a deficit-reduction supercommittee are pressing a plan to cut the deficit by about $1.5 trillion over the coming decade, showing flexibility on tax revenue increases for the first time while proposing to gradually raise the Medicare eligibility age to... More »

Perry Rolls Out '20-20' Flat Tax Plan

'Cut, Balance, and Grow' plan cuts corporate tax rate

(Newser) - Rick Perry has rolled out a flat tax plan to rival Herman Cain's "9-9-9" plan. The Texan's "20-20" plan—or, as he calls it, "Cut, Balance, and Grow"—cuts the corporate tax rate from 35% to 20% and allows individuals to choose between paying... More »

Sorry, Herman Cain, SimCity Had 9-9-9 First

His plan is a lot like the one in the virtual game: Huffington Post

(Newser) - With Herman Cain atop the latest polls and his 9-9-9 tax plan getting extra scrutiny, the Huffington Post is happy to point out that a similar plan first appeared in SimCity years ago. Under that system, residents of the virtual city had a 9% rate for commercial taxes, 9% for... More »

For Most, Cain's '9-9-9' Plan a Tax Hike

'Washington Post' fact checkers say Cain's plan is misleading

(Newser) - Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios.... More »

Coca-Cola CEO: Easier to Do Business in China

Muhtar Kent says America needs to update its tax code

(Newser) - Coca-Cola CEO Muhtar Kent thinks US corporations are at a disadvantage compared to those based elsewhere thanks to America’s labyrinthine tax code, he told the Financial Times in an interview published late last night. “I believe the US owes itself to create a 21st-century tax policy,” Kent... More »

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08... More »

Boehner Disses Obama Plan as Not 'Pro-Growth'

He also renews his call for a simplified tax code

(Newser) - John Boehner took his first swings at the Obama jobs plan today, calling it “a poor substitute for the pro-growth policies that are needed to remove barriers to job creation in America.” Boehner criticized the "host of new tax credits" it proposes, which he complained would “... More »

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