A tax-the-rich proposal named after Warren Buffett has little chance of passing this year, but that hasn't stopped the debate over what impact it would have.
Some economists are skeptical that a 30 percent minimum tax on people with million-dollar incomes — known as the "Buffett rule" — would do much to reduce the deficit or boost the economy. But the Obama administration says the proposal is necessary to make the tax code more equitable.
It may sound counterintuitive, but a panel of experts from the Institute of Medicine has concluded that the best way to slow the nation's breakneck spending on medical care is to impose a tax on every health care transaction.
In 2012, the federal tax return deadline is Tuesday, April 17 — so if you haven't already filed your income tax return, you have about one week left to shop around for different options to finish your taxes, or request an extension.
Tax Day 2012 is looming — and after we file our returns, many of us will try to figure out what to do with the seemingly innocuous but possibly crucial documents we use to prepare our returns. Filing electronically can make those records easier to manage. But what should we really keep, and for how long?
Most experts recommend holding on to financial records for three years after they're used in a tax return — that's the amount of time the IRS has to audit taxpayers.
The U.S. House of Representatives is scheduled to vote Thursday on what's known as the Ryan budget, the spending plan from Budget Committee Chairman Paul Ryan, R-Wis., that among other things changes the structure of Medicare and rewrites the tax code. Presidential candidate Mitt Romney has endorsed the plan, but some are saying his rhetoric on the campaign trail may not match up with at least one reality of the Ryan budget.
Romney said he supported the Ryan budget the day it was unveiled.
"I applaud it," he said. "It's an excellent piece of work, and very much needed."