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    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

    President Obama Should Lift Ban on Energy Exports

    America’s Founders felt the freedom to export was so important that they included it in the U.S. Constitution: “No Tax or Duty shall be laid on Articles exported from any State.” President Obama should reaffirm that vision by removing restrictions on energy exports. Today, the U.S. government limits exports of … More

    Energy Exports: Free Trade for Me, but Not for Thee

    Some corporate interests are lining up to fight economic freedom in the United States by maintaining the government’s restrictions on energy exports. Their efforts are seen by some to be remarkably hypocritical—even by Washington, D.C.’s low standards. For example, oil refiner Valero fears that exporting U.S. crude oil could decrease … More

    As Fed Tapers, More Central Bank Independence Needed

    This week finance ministers and central bank officials from around the world will converge on Washington for the spring meetings of the World Bank and the International Monetary Fund. Discussions of monetary policy normalization are leading this year’s expansive schedule. One notable item missing from the agenda is discussion of … More

    Getting Your Neighbor's Mortgage Off Your Lawn

    Did you know you are probably responsible for your neighbors’ mortgage payments? What? Heritage expert Norbert Michel explained: Nearly all new residential mortgages are currently being guaranteed by Fannie [Mae] or Freddie [Mac] because these companies buy mortgages from banks and then sell investments backed by the mortgages. And because … More