Policy decisions about borrowing and spending have generated out of control deficits and spiraling debt at all levels of government. Partisan politics have frequently led to impasse as one-side refuses to compromise with the other. If a sensible non-partisan tax policy is not enacted, high tax rates and profligate spending will continue to drive individuals and businesses into the red and leave Americans without jobs.
Tax reform will take center stage in Congress this year and two major contenders are the FairTax and a value added tax, or “VAT.” The two are commonly commingled and misunderstood.
The California Legislative Analyst’s Office (LAO) released surprising numbers Tuesday. According to the LAO, California has brought in unexpectedly higher tax revenue for April and may close out the largest tax revenue month of the year…
The United States Senate is expected to approve a bill that, if signed into law, will give states the authority to tax online sales. A procedural vote for the “Marketplace Fairness Act” is scheduled for Monday evening.
Tax Day is not a day celebrated by many. In fact, it is a day many Americans dread. Very few people can honestly say they like to pay taxes, but according to Gallup, close to half of American taxpayers now believe what they currently pay is unfair.
While the IRS reports a dramatic increase in fraudulent tax returns and tax return theft for the second fiscal year in a row, the agency’s reported tax-crime figures vary wildly.
On Monday, the Senate, in a vote of 75 to 24, endorsed imposing an Internet sales tax on all online orders in America.
With the upcoming Fiscal Year 2014 budget proposals soon to be due in Congress, the sequester makes the job of Republicans and Democrats even more difficult.
