Taxes

Under the House Build Back Better Act, the average top tax rate on personal income would reach 52.3 percent, tying Sweden as the 9th  highest rate in the Organisation for Economic Co-operation and Development (OECD). The House Build Back Better Act would raise the top federal marginal tax rate on ordinary income from 37 percent to 39.6

On November 2, in addition to electing various city council and school board members, Colorado voters will decide two important questions of state tax policy. Proposition 120 would reduce property tax assessment rates for two subclasses of property and require the state to spend up to $25 million a year, for up to five years,

Phishing and the season’s latest scams; FBAR whistleblowing returns; best sales-tax questions; and other highlights from our favorite tax bloggers. The fun’s back in ‘refund’ Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): The good word on processing returns — and the even better news about refunds — from the Office of Management and Budget, leaked first by

President Biden and congressional Democrats have justified their plan to raise taxes on the rich to fund much of their $3.5 trillion spending by claiming that the tax code is not progressive enough. Yet a recent Joint Committee on Taxation (JCT) analysis of the House Ways and Means tax plan undermines that thesis by showing

Elections in Louisiana are always different than in other states due to the two-round majority vote system and, in odd-numbered years, holding the first round of elections on a Saturday in October. This year there is an additional twist, with Hurricane Ida prompting a postponement of Election Day to November 13th. Also notable this year

Condo bunco; life goes on; heavy metals; and other highlights of recent tax cases. Honolulu: Businessman Wagdy Guirguis and CPA Michael Higa have been convicted of conspiracy to defraud the U.S. government. Guirguis was also convicted of three counts of filing false corporate income tax returns, one count of failure to file a corporate income

The Biden administration’s proposal to require financial institutions to report inflows and outflows of more than $600 from bank accounts has attracted significant attention. The Treasury Department believes it could generate $463 billion in revenue over 10 years by giving the IRS more insight into certain types of income that members of the public often

Inflation is often called a hidden tax, but in many states it yields a far more literal tax increase as tax brackets fail to adjust for changes in consumer purchasing power. This phenomenon is called “bracket creep,” and it’s far creepier than the décor beginning to pop up in people’s front yards as we enter

File a tax return extension for the first time this year? Here are a few things to consider before the Oct. 15 extension deadline. 1. E-file for a faster refund. If you believe you’ll receive a refund after filing, the quickest way to get your money is to e-file your return using a trusted tax

Pluses of filing early; shutdown fallout; CAF problems; and other highlights from our favorite tax bloggers. Sense of security? Liberty Tax (http://www.libertytax.com/tax-lounge): What to tell them about the pluses of filing early, from possibly avoiding fraud or ID theft to knowing exactly what you do or don’t owe. The Income Tax School (http://www.theincometaxschool.com/blog/): And remember,

Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2020 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2021 Index. To access the full report, click the download button above.

When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid