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Individual Income and Payroll Taxes

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Cory Booker Estate Tax, Cory Booker step-up in basis, Cory Booker Tax, Expanding the estate tax, Eliminating step-up in basis

Booker’s Plan to Eliminate Step-up in Basis and Expand the Estate Tax

Removing step-up in basis would encourage taxpayers to realize capital gains and it would plug a hole in the current income tax, while increasing federal revenue. Combined, however, with the estate tax, this would result in a significant tax burden on certain saving by requiring both the appreciation in and total value of transferred property to be taxed at death

2 min read
marriage penalty, marriage tax penalty in their tax brackets,

Does Your State Have a Marriage Penalty?

A marriage penalty is when married couples filing jointly face a higher effective tax rate than they would if they filed as two single individuals with the same amount of combined income.

2 min read
Chicago budget shortfall, Chicago Budget deficit, Chicago higher taxes in Chicago

No Good Options as Chicago Seeks Revenue

Facing an $838 million budget shortfall, a looming pension crisis, and an aggressive spending wish list, some Chicago policymakers and activists are expressing interest in a laundry list of new and higher taxes that could, collectively, raise as much as an additional $4.5 billion a year.

6 min read
return-free filing, return-free tax filing 2018 tax data, effects of the Tax Cuts and Jobs Act, 2018 tax return data, federal tax reform impact

A Preliminary Look at 2018 Tax Data

Initial 2018 IRS tax return data shows that the TCJA expanded the use of several credits and deductions, made the standard deduction more favorable than itemizing, reduced tax refunds, and lowered taxes for most Americans.

4 min read