INCOME TAX

Family Income and Income Taxes During the Economic Recovery

Executive Summary This report examines the federal tax burden for middle-income married-couple families with two children, and reaches the following conclusions: Median income after taxes for married-couple families with two children reached a record high of $57,330 in 2003, an increase of $1,233 (or 2.2 percent) from the 2000 level. The income tax relief passed in 2001 and 2003 buoyed income after federal taxes...

Psychic Income, Taxes and the Allocation of Talent

Abstract The efficiency consequences of taxation through its effect on occupational choice can be the opposite of the traditional labor supply effects that economists have focused on. Murphy et al. (1991) argue that some occupations may have positive, others negative, externalities. If occupations with positive externalities tend to be more enjoyable, then progressive taxation can have the efficiency benefit of encouraging...

Good Hybrids/Bad Hybrids

In the second article I published as an academic, in 1992, "Tax Policy Under Hybrid Income - Consumption Tax," I wrote that: the tax policy literature has spent decades, and by some measures centuries, discussing the relative merits of an income versus a consumption tax. It may be time to stop. We should accept the fact of a hybrid income-consumption tax and begin to figure out how best to structure it.[1] My ears...

The Deduction of Interest Payments in an Ideal Tax on Realized Business Profits

Abstract: The realization rule, which allows taxpayers to defer tax on certain accrued gains and prevents taxpayers from deducting certain unrealized losses, had a deduction component. That component requires thatthe deferred income be quarantined and that any deductions relating to that deferred income be capitalized or otherwise deferred until the related income becomes taxable. For the most part, the need for capitalization...

A New Understanding of Tax

Written by: Edward J. McCaffery I. INTRODUCTION A. Loomings Perhaps we should blame it all on Mill. A great deal and possibly all of the mind-numbing complexity of America’s largest and least popular tax follows from the decision to have a progressive personal income tax[2] Proponents wanted an individual income tax notwithstanding — indeed, in large part because of — such a tax’s “double taxation”...

Canada-U.S. Free Trade and Pressures for Tax Coordination

The economies of the United States and Canada are closely linked-trade between the two countries is substantial, their capital markets are highly integrated, and even movement of individual workers between the two countries is non eligible. The U.S. and Canada have now agreed to eliminate all remaining tariff barriers between the two countries during the next few years. To what degree does this increasing economic integration...

Decentralizing Family: An Inclusive Proposal For Individual Tax Filing in the United States

I. INTRODUCTION Our federal tax laws privilege the so-called traditional, nuclear family over all other family arrangements. This privileging is most starkly and easily illustrated by— though in no way confined to—the blatant discrimination against families headed by same-sex couples that permeates our tax laws.[1] To ameliorate this discrimination, recent contributions to the tax literature have proposed establishing...

Cross-Border Outsourcing: U.S. International Tax Pitfalls, Pratfalls, And Opportunities

I. INTRODUCTION Broadly defined, “outsourcing” occurs when a business contracts with a third party to provide goods or perform services that traditionally have been provided or performed in-house.[1] Faced with increasing global competition, businesses have come to look to outsourcing as a means of gaining a comparative advantage over their competitors.[2] Outsourcing is thought to benefit a business by allowing...

Thoughts on the Future Of the State Corporate Income Tax

Several commentators recently have suggested that the state corporate income tax is dead, or nearly so, and hardly worth keeping. Writing in these pages, Kirk J. Stark has concluded, after an extensive and thoughtful review of the history of the state corporate tax, that “subnational taxation of corporate income is simply untenable.”[1] Stark suggests that Congress should prohibit the states from levying a corporate...

Three Views of Tax

Introduction: The Traditional View of Tax Traditional tax policy for decades, if not centuries, has been locked in a seemingly all-or-nothing debate between two apparent extremes, income and consumption taxation.[2] In this ongoing war, income tax advocates have carried the banner for liberal egalitarian redistribution[3]─for the cause of taking from the rich and giving to the not-so-rich virtually...

Question 7: Income tax

Question 7: Income tax Income Tax Author: danarnett2010

How to Avoid an IRS Tax Audit : File Accurate Return to Avoid Tax Audit

How to Avoid an IRS Tax Audit : File Accurate Return to Avoid Tax Audit Income Tax, return Author: expertvillage
Skip to toolbar