Acton Institute Powerblog Archives

Post Tagged 'Taxation in the United States'

Explainer: What You Should Know About the Rubio-Lee Tax Plan

What is the Rubio-Lee Plan? The plan—officially titled the “Economic Growth and Family Fairness Tax Plan”—is a white paper in which Senators Marco Rubio (R-Florida) and Mike Lee (R-Utah) lay out a tax reform proposal they believes will “resolve these major problems in the tax code.” What’s in the plan? Continue Reading...

IRS Audited 69% of Filers Who Claimed Adoption Tax Credit

Adopting a child can be a laborious, time-consuming, and expensive process. So why is the IRS trying to make it even more laborious, time-consuming, and expensive? As David French notes, in 2012, the IRS requested additional information from 90 percent of returns claiming the adoption tax credit and went on to actually audit 69 percent: So Congress implemented a tax credit to facilitate adoption – a process that is so extraordinarily expensive that it is out of reach for many middle-class families — and the IRS responded by implementing an audit campaign that delayed much-needed tax refunds to the very families that needed them the most. Continue Reading...

Toiling for Pharaoh

My friend John Teevan of Grace College sends out a monthly newsletter, “Economic Prospect.” He passes along this in the current edition: I found this note from a newly retired accountant (age 66) who has not gone on social security yet. Continue Reading...

The FAQs: What is the Fiscal Cliff?

What is the “fiscal cliff”? The term “fiscal cliff”, which is believed to have originated in Congressional testimony by Federal Reserve Chairman Ben Bernanke, refers to the substantial changes to tax and spending policies that are scheduled to automatically take effect in January 2013. Continue Reading...

Envy Won’t Save the GOP—or America

After every electoral defeat—whether suffered by Republicans or Democrats—a period of hand-wringing and soul-searching inevitably develops in the days and weeks after the election. Journalists and politicians take to print to explain “What went wrong” and “Here’s what should be done differently.” Although the solutions are almost always what the pundits were saying before the election, the exercise in self-reflection is, on the whole, a much needed corrective. Continue Reading...