A Tax I can support! Tax the Revolving Door (Glenn Reynolds)
In short, I propose putting a 50% surtax — or maybe it should be 75%, I’m open to discussion — on the post-government earnings of government officials. So if you work at a cabinet level job and make $196,700 a year, and you leave for a job that pays a million a year, you’ll pay 50% of the difference — just over $400,000 — to the Treasury right off the top. So as not to be greedy, we’ll limit it to your first five years of post-government earnings; after that, you’ll just pay whatever standard income tax applies.
Plus make them wear clown clothes to work. (Via the TaxProf)
Allysia Finley, Mickelson and the Sports Star Tax Migration (Wall Street Journal):
About 3.5 million Californians have migrated to other states over the past two decades. Almost anywhere they chose to go would allow them to enjoy greater returns on their labor. Is it really surprising that athletes like Mr. Mickelson might be keeping an eye on the leaderboard?
It would be surprising if they didn’t.
Kyle Pomerleau and William McBride: EITC Awareness Day (Tax Policy Blog)
Research has shown that the EITC is associated with higher workforce participation among certain populations. However, Casey Mulligan’s research shows there is no free lunch here, since the EITC creates disincentives to work over the income range in which it phases out (roughly $20,000 to $50,000). And because the EITC is one of many overlapping anti-poverty programs, such as unemployment insurance, they all add up to huge disincentives to work among the poor.
And some Iowa politicians want to increase the Iowa EITC, making it a bigger poverty trap.
Steven Rosenthal, Chairman Camp Agrees: Too Many Choices Burden our Tax System (TaxVox)
Jeremy Scott, Huffington Post Draws Tenuous Link Between Camp Plan, Fix the Debt Group (Tax.com)
Robert D. Flach, GUIDELINES FOR TAX REFORM:
Recognize and acknowledge that the purpose of the federal income tax is to raise the money necessary for the administration of the government and government sponsored programs. It is not to be used to “redistribute income” or as a method for delivery of social welfare and other government benefits.
If that principal were vigorously applied to the tax law, the 1040 would fit on a postcard.
Russ Fox, Form 8863 Added to Returns that the IRS Won’t Accept Just Yet. The form for tuition credits.
William Perez, When Can You Begin Filing Your 2012 Federal Tax Return?
Jason Dinesen, Taxpayer Identity Theft, Part 11. In which the IRS ignores the change-of-address filing and mails a long-delayed refund to the wrong address.
Martin Sullivan, Taxing Financial Pollution. On the futility of a financial transactions tax. (Tax.com)
Missouri Tax Guy, What you’ll Need. A guide to gathering your tax return information.
Jack Townsend, IRS Issues John Doe Summons to UBS (All Over Again)