Free Republic

A new IRS tax regime in 2014 will be devastating for the U.S. economy, and for millions of Americans working abroad, especially those in the middle class. New U.S. Tax Regime is "Devastating," Experts Say The New American 30 December 2013 Already facing “pariah” status worldwide due to onerous IRS requirements, millions of Americans living and working abroad are preparing to deal with a deluge of even bigger problems in 2014, when a byzantine new tax regime starts going into effect. Known as the Foreign Account Tax Compliance Act, or FATCA, the deeply controversial and incredibly complex scheme is...

It seemed appropriate that a panel examining ways to overhaul the state's tax structure met Thursday in the academic confines of UC Davis rather than the politically charged Capitol. The discussion focused on the theoretical, from examining the merits of a flat income tax to considering a "split-roll" property tax system that treats commercial businesses differently from homeowners. The daylong meeting occurred largely in a political vacuum, for now ignoring the difficulty of getting such ideas through a divided state Legislature where special interests hold great sway. But Chairman Gerald Parsky said the state's current fiscal woes may allow for...

WASHINGTON - Abusive tax shelters, inflated deductions and other misdeeds cost the U.S. Treasury little when compared with money lost because some employee benefits and wages escape taxation. The government could collect $164 billion more in tax revenue over the coming decade if it changed laws that exempt some employee benefits from the taxes that pay for Social Security (news - web sites) and Medicare, according to a study released Thursday by the congressional Joint Committee on Taxation. The panel, which provides technical expertise to tax committees, detailed six dozen changes that could increase the amount of money flowing into...