The Tax Policy Blog

April 02, 2014

Starting next week (the beginning of the 2014-2015 tax year), the United Kingdom’s personal allowance (equivalent to the United States’ personal exemption) will increase to £10,000 from £9,440.

According to the Economic Times, this is a substantial tax cut for many low-income UK taxpayers:

“The increases in the tax-free...

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April 01, 2014

(All maps and other graphics may be published and reposted with credit to the Tax FoundationClick on the...

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April 01, 2014

French economist Thomas Piketty has a new book out on inequality, in which he claims that capitalism tends naturally towards greater and greater concentrations of wealth. To address this, Piketty recommends progressive income tax rates of up to 80 percent and a global wealth tax of 2 percent. Here are some summary...

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April 01, 2014

In a bipartisan vote yesterday, the U.S. Congress sent a bill to the President’s desk that would raise income taxes on Canadians to pay for the hundreds of billions of dollars of revenue shortfalls caused in the implementation of various popular, longstanding programs that experts agree are just totally unaffordable.

Senate Majority Leader Harry Reid (D) said in a statement, “I think we all agree that Americans are deserving of healthcare, education, public parks, and whatever else...

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March 31, 2014

Following the release of our latest analysis on cigarette smuggling, New York Governor Andrew Cuomo (D) has announced a 13-agency task force convened to combat illicit cigarette trade. According to the latest data from the Mackinac Center for Public Policy, smuggled cigarettes represented...

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March 31, 2014

As you go over your 1040 this year, you may wonder why the form has lines for alimony payments made and received. At first glance, this might seem like a puzzling intrusion into personal lives. Upon further examination, though, alimony is a sort of “gray area” in tax policy, and the current system handles the matter rather reasonably.

The issue deserves some examination, especially because Chairman Dave Camp’s tax reform proposal...

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March 31, 2014

The price of the virtual currency Bitcoin has fallen to about $461 from a closing price of $586 last Monday. This decline of about 21% came in the wake of an IRS ruling that net gains from Bitcoin transactions will be taxed as capital gains.

The IRS ruling made it substantially more difficult to use Bitcoin as a currency. Given that this is the...

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March 28, 2014

We’ve been closely following the fate of tax incentives for the Netflix-exclusive political drama House of Cards, which films in Maryland. A month ago, we ...

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March 28, 2014

Yesterday, the Center on Budget & Policy Priorities (CBPP) attacked the recent tax cut package in Kansas (which changes the three-bracket 3.5%/6.25%/6.45% income tax into a two-bracket 3.0%/4.9% income tax, and perhaps even lower if revenue growth exceeds a stated threshold). The CBPP report argues that Kansas is not a model because cutting taxes has reduced revenue by some $800 million per year, led to lower spending...

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March 28, 2014

This morning, we released an updated and improved newsletter in order to provide you with our latest and most popular content in a single weekly email. If you want to keep up to date with our latest research, most popular blogs, and our ever popular tax maps, then click here to subscribe to the Weekly Tax Update. For a preview of this week's edition,...

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March 28, 2014

Since Bitcoin’s introduction in 2009, the IRS has left users in the dark about the tax liability of their assets. On Tuesday, the IRS clarified its position on the tax status of virtual currencies, and it’s official: Bitcoin is property and not currency, at least as far as the U.S. government is concerned. Any net gain from...

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March 27, 2014

The U.S. has the highest corporate tax rate in the developed world. There are lots of problems associated with that, including less investment and a shrinking of the corporate tax base, i.e. profits. Some of the profits have just disappeared through less investment, i.e. the high corporate tax causes less domestic investment and production but more consumption of...

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March 27, 2014

Today, we released a report with a list of recommendations for how Ohio Governor John Kasich (R) can improve his 2014 suggestions for tax reform. But there is another report released this week by Policy Matters Ohio that is worth reading as well, and we were surprised to find it comes to some similar conclusions. They find that the offsetting...

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March 27, 2014

In response to Ohio Governor Kasich’s call for tax reform in his 2014 State of the State address, we have released an analysis of his proposals and a menu of possible options for improving the state’s corporate, individual income, and sales tax structures.

Key findings include:

  • Governor Kasich’s 2014 tax proposal decreases individual income...
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Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

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