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Obama Backs Off Tax Cuts On College Savings Plans

Opposition, first from Republicans, and then from Democrats, doomed it. Your day isn’t complete until you “like” us on Facebook Now read this:Scott Walker’s Tax Cuts Have Wisconsin In Fiscal Jeopardy (Sep 1, 2014) Burger King: Un-American (Aug 26, 2014) Burger King To Become–Canadian? (Aug 25, 2014) Blue States To Red States: ‘You’re Welcome’ (Aug […]

Buried in the waft of proposals surrounding the State of the Union was an important proposal to change the tax code: That is the essence of the president’s proposal.  He’d curb the use of 529s, which disproportionately benefit upper-income families, to finance expansion of the American Opportunity Tax Credit, which is available only to families […]

Cooking The Numbers

One of the first things Republicans did upon taking control of Congress was requiring the Congressional Budget Office to use “dynamic scoring” when assessing tax cuts (but not spending increases).  My latest column for The Hill explores this cynical move: At best, the change to dynamic scoring will affect a very small number of bills […]

We know the key initiatives President Obama will lay out tonight, and that is a good thing, as Rick Klein points out. The “spoilers” strategy may sap what’s left of the drama of anticipation around Tuesday night’s State of the Union. But that drama has been dissipating naturally anyway – and that’s why the White […]

President Obama will suggest raising taxes on the wealthy to finance a middle class tax cut. The proposal faces long odds in the Republican-controlled Congress, led by lawmakers who have long opposed raising taxes and who argue that doing so would hamper economic growth at a time the country cannot afford it. And it was quickly […]

Congressman Michael Grimm of Staten Island, New York, was charged in a 20-count indictment with hiding more than $1 million in income and wages at a restaurant he co-owned. Grimm’s admission of guilt will place his congressional career in danger, exactly seven weeks after he won reelection by an overwhelming margin. Grimm was scheduled to […]

Violent and abusive police officers cost lives. Protesters around the world understand that and are expressing their outraged about it. Now a new study, Police Indemnification, published in the NYU Law Review by Joanna C. Schwartz, shows that these bad cops cost money too.  A lot of money! 99.8% of the $735 million paid out by in 9,225 large-city police […]

Senator Ted Cruz says Republicans may cooperate with Democrats and pass an Internet sales tax. Cruz said party leadership could take up the bill in the lame-duck session, when recently-defeated Democrats would be able to support the bill. “There are some voices in Washington who want a lame duck precisely so they can engage in corporate […]

The motivation appears to be avoiding taxes. There are 776 names on the Treasury Department list published Friday for the third quarter of 2014. That’s the third highest quarterly figure ever, according to Andrew Mitchel, an international tax lawyer in Centerbrook, Conn., who tracks the data. The total number of published renouncers so far in […]

Mike “The Situation” Sorrentino and his brother have been indicted for filing false tax returns. He and his brother, Marc, are accused of failing to turn over $8.9 million in taxes. The “Jersey Shore” star and his brother also submitted bogus IRS returns for his companies — Situation Nation, Situation Productions and MPS, the papers state. […]

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