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    Morning Bell: What Did Apple Do Wrong?

    Members of Congress called Apple executives to testify on Capitol Hill yesterday. Why? Because the company makes money overseas, and some Senators want to get their hands on the cash. A Senate subcommittee accused the company of “shifting” profits from the U.S. to other countries and avoiding paying taxes. But … More

    House Republicans Are Right to Focus on Spending Cuts as Part of Debt Ceiling Increase

    This week, the House Republican conference met to discuss what their priority will be in connection with any vote to increase the debt ceiling. This is timely since the current suspension of the debt limit expires tomorrow. According to reports of the Republican House caucus meeting, “Members came away with … More

    Morning Bell: Where Did Your Tax Dollar Go?

    Americans are waking up today to the worst “case of the Mondays” they’ll have all year: It’s Tax Day. Most Americans dread Tax Day, and for good reasons. Beyond the huge tab Americans pay to the government, the tax code is so complex that it’s difficult to figure out what … More

    Hunting for Surprises in the Obama Budget

    It is somehow fitting President Obama released his budget for Fiscal Year 2014 after Easter, a mere 65 days late—but who’s counting? Fitting because going through Obama’s budget is like an Easter egg hunt for which those in charge of hiding the eggs are masters of their craft. It takes … More

    Yet Again, Obama Calls for Reducing Charitable Contribution Deduction

    Like past budget proposals, President Obama’s new budget plan calls—again—for lowering the charitable contribution deduction. The current tax code allows individuals to deduct their giving from their overall tax liability at a rate equal to their tax bracket. Obama wants to cap the charitable deduction at what it would be … More

    Senate Budget Tax Plan: Slowing Opportunity for Americans to Grow Income

    Senator Patty Murray’s (D–WA) budget tax plan directly calls for $975 billion in new tax increases over the next decade. Indeed, the Senate budget is only a framework document, but it clearly lays out who should pay the higher taxes. The Democratic majority wants higher taxes by “eliminating loopholes and … More

    Ways and Means Small Business Tax Reform Proposal a Positive Step

    Under the leadership of Chairman Dave Camp (R–MI), the House Ways and Means Committee released draft legislation for improving the tax treatment of small business. This is an important step forward on the road toward comprehensive tax reform. The special attention Ways and Means focuses on small businesses is truly … More

    The Obama Tax Plan: Undercutting Economic Growth

    The President and his advocates in Congress argue that raising taxes on all taxpayers would damage the economy but that raising taxes on only “high-income” households is supposedly not economically destructive. This line of reasoning is simply mistaken. (House Speaker John Boehner (R–OH), perhaps still cognizant of the economic ramifications … More

    Senator Hatch Gets It Right on Tax Extenders

    On December 31, a set of approximately 50 tax-reducing provisions commonly referred to as the “tax extenders” expired. These provisions, which apply to both individuals and businesses, include popular measures such as the Research and Experimentation credit for businesses and the optional deduction for state and local sales taxes for … More

    Chart of the Week: U.S. Rivals Japan for World’s Highest Corporate Tax Rate

    Republicans and Democrats on the Joint Select Committee on Deficit Reduction this week finally agreed on something substantive: The U.S. corporate tax rate is too high. It’s a point we’ve been making for years at Heritage. High federal and state corporate tax rates — a whopping 39.2 percent when combined … More