Romney’s Effective Tax Rate Closer to 45%

John Berlau and Trey Kovacs of The Wall Street Journal point out that Mitt Romney’s capital gains income was paid with after-tax corporate dollars and, therefore, taxed twice. I don’t expect people on the left to understand…

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Why Capital Income is Taxed at a Lower Rate than Ordinary Income

Scott Hodge of The Tax Policy Blog deftly answers President Obama’s call for someone to tell him why it’s fair that the capital gains tax rate is lower than the ordinary income tax rate (emphasis…

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Tax Equality Proposal: Abolish the Standard Deduction and Let Poor People Itemize

In a recent post I criticized Howard Gleckman of Tax Vox for claiming that lower-income taxpayers who don’t itemize their deductions receive no benefit from their charitable contributions even though these taxpayers “gave about 3.5% of their…

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Tax Court Says No Theft Loss for Foreclosure

There is an epidemic of blame shifting in the housing crisis. People who knew or should have known that they would not be able to honor the terms of the mortgage notes they signed when…

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Accountant Tries to Deduct Value of His Own Services

Are you sure we don’t need to regulate unenrolled tax preparers? Here’s the story of an accountant named Mondello who tried, with a straight face, to  take a deduction on his income tax return for the…

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