Homeowners who were underwater on their homes but who took advantage of mortgage relief programs face the prospect of the IRS calculating the amount by which a portion of their loan was forgiven as income. [Read more…]
A sentence was stuck into the Farm Bill removing the 10 year statute of limitations on debts owed to the United States government. So now the IRS is withholding tax refunds from the children of deceased parents who owed Uncle Sam money.
Taxing the wealthy isn’t enough, some are saying. Let’s tax people who had wealthy parents. Since children of affluent parents have all kinds of advantages when it comes to educational accomplishments and social mobility, so, the reasoning goes, when they grow up, it’s only fair that they pay higher taxes. [Read more…]
The Beatles are hailed as icons of the Sixties counter-culture. But in a lot of ways they were quite conservative. Economics columnist Neil Irwin looks at their song lyrics and how they handled their money, drawing out what we can learn from the Beatles about taxes, retirement, and change. [Read more…]
Fifty-five tax breaks have expired with the new year. Some are clearly special-interest perks. Others are time-honored staples, such as companies getting to deduct Research & Development expenses and tax incentives for wind power and energy-efficient appliances. Others amount to broad-based tax increases. [Read more…]
Pastors and other church workers have long been able to take part of their compensation as an untaxed housing allowance, resulting in substantial tax savings. But a federal court has ruled in a suit brought by the Freedom from Religion Foundation that the tax break for clergy is unconstitutional.
The ruling has been stayed, pending appeal, but if it stands, pastors and their families will take a significant hit in their income. [Read more…]