• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Economics

    2014 Tax Day Chart: Who Pays the Most?

    Which taxpayers experience the greatest tax burden—and who pays the most in taxes? As Americans navigated the labyrinthine tax code this Tax Day, many taxpayers were hit with the President’s myriad tax increases that have contributed to the country’s quickly recovering revenues. Despite calls for more taxes on the rich, … More

    2014 Tax Day Chart: Who Pays the Most?

    Which taxpayers experience the greatest tax burden—and who pays the most in taxes? As Americans navigated the labyrinthine tax code ahead of tax day, many felt the sting of the President’s myriad tax increases. Despite calls for more taxes on the rich, the Heritage chart shown above reveals that the … More

    A Little 'Happy' Song for Your Tax Day

    Does dividing business and personal expenses — and seeing how the government wasted your money — get you down? Whether or not you’ve heard Pharrell’s hit song “Happy,” you can appreciate this Tax Day parody by Reason’s Remy.

    Where Did Your Tax Money Go?

    It’s pretty unreal when you see it. Your 2013 tax dollars—which are due today—went primarily to pay for government benefits. Major entitlements (Medicare, Medicaid, and Social Security) gobbled up 49 percent, while more federal benefits took another 20 percent. These additional “income security” benefits include federal employee retirement and disability, … More

    Most Small Businesses Burdened by Costly Tax Preparation Process Support Tax Reform

    Small businesses are increasingly burdened with tax preparation costs, with a majority spending over a week per year on federal tax preparation and thousands of dollars on external accounting firms, according to the National Small Business Association’s (NSBA) 2014 Taxation Survey released last week. According to the report, “the current … More

    Paul Ryan’s Budget Won’t Pass. This Is Why It Still Matters

    Even symbolic gestures can sometimes be important. Consider “The Path to Prosperity,” drafted by Rep. Paul Ryan’s (R–Wis.) budget committee and passed by the House last week. It has no chance of becoming law, but—if it did—it would put the country on a path toward a balanced budget within a … More

    CBO Report Estimates 2014 Deficit at Half a Trillion Dollars: Why The Real Deficit Number is Actually Higher

    Today the Congressional Budget Office (CBO) released its updated projections for the 2014 federal budget. CBO reports the 2014 deficit at $492 billion, just shy of a half a trillion dollars. However, this estimate should be taken with a heap of salt: It is arguably misleading to the extent that … More

    What No One Wants to Admit About Social Security Taxes

    It’s a bummer when you see how much income tax comes out of your paycheck. But when you see that Social Security line item, do you think, “At least that’s going to pay for my retirement”? It’s not. The tax money you’re paying into Social Security today is going to … More

    Obamas, Bidens Pay About Same in 2013 Income Taxes, Returns Show

    Four days before the April 15 filing deadline, the White House today released 2013 income tax returns for President Barack Obama and Vice President Joe Biden showing each man and his wife paid just under $100,000 in tax. The White House blog noted that the president and first lady reported … More

    Constructive Small Business Expensing Bill Introduced

    Representatives Pat Tiberi (R–OH) and Ron Kind (D–WI), both Ways and Means Committee members, have introduced the America’s Small Business Tax Relief Act of 2014 (H.R. 4457). This legislation would make permanent section 179 expensing and allow businesses to deduct up to $500,000 annually in expenses incurred buying machinery, equipment, … More