Taxes, Tax Reform | featured news

President Barack Obama told fellow Democrats from the House of Representatives on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the U.S. deficit.

China unveiled sweeping tax reforms on Tuesday to make wealthy state-owned firms, property speculators and the rich pay more to narrow a yawning gap between an urban elite and hundreds of millions of rural poor.

Warren Buffett, the legendary investor who changed the debate about U.S. tax reform in 2011 with a call for the rich to pay more, is now calling for minimum tax rates for millionaires.

A comment by Republican presidential nominee Mitt Romney earlier this week regarding how he would overhaul the U.S. tax code set off a back-and-forth between the Romney and Obama campaigns on Wednesday.

In a recent paper, we showed that any revenue-neutral tax reform that included Governor Romney’s specific tax cuts and that met his stated goal of not raising taxes on saving and investment would cut taxes for households with income above $200,000 and would therefore necessarily have to raise taxes on taxpayers below $200,000. This was true even when we considered an unrealistically progressive way of financing the specified tax reductions, and even when we accounted for economic growth and revenue feedback.

Tax reform sounds like a good idea to lots of people, but where to start? Eliminate the popular deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax?

The Senate majority leader says budget reductions must be accompanied by tax reform. He predicts that negotiations on the nation's debt limit will drag until the 11th hour. Senate Majority Leader Harry Reid (D-Nev.) says tax loopholes must be addressed ...