Possible criminal charges over ex-IRS official's handling of Tea Party-related groups(Read article summary)
Former IRS official Lois Lerner, who managed the agency's controversial handling of Tea Party-related groups, may face possible criminal charges, while a House committee reportedly said they will vote on a resolution tomorrow to hold her in contempt of Congress.
Lauren Victoria Burke/AP/File
Do small businesses have a tax problem? The House Small Business Committee holds a hearing this afternoon on the biggest tax problems faced by small firms. TPCâ€™s Donald Marron and American Universityâ€™s David Kautter will testify. Theyâ€™ll be joined by Tim Reynolds of the National Small Business Association, and Rick Endres of The ASCII group, a consortium of small IT firms.
Big political problems: The House GOP v. Lois Lerner. The House Ways & Means Committee will meet privately to mark up a referral to the Justice Department Â for possible criminal prosecution of former IRS Exempt Organizations Division Director Lois Lerner. And Â the House Oversight Committee plans to vote Thursday on a resolution to hold her in contempt of Congress. Lerner managed the controversial IRS review of applications for tax-exempt status by politically-oriented social welfare organizations.
High incomes: Higher taxes. TPCâ€™s Bob Williams offers a heads-up for high earnersâ€“especiallyÂ those in the top 1 percent: Last yearâ€™s American Taxpayer Relief Act restored the top tax rate ofÂ 39.6 percent, the phaseout for personal exemptions, and a limitation on itemized deductions Â for high earners. And the Affordable Care Act raised income taxes on investment income and boosted the Medicare tax for high-income taxpayers. TPC estimates that almost 90 percent of the tax increase will fall on the top 1 percent this year, cutting their after-tax income by nearly 2 percent.
Marylandâ€™s House of Cards: The battle between the state legislature and the popular Netflix streaming video series has ended with a stand-off. The showâ€™s producers threatened to leave the state unless they got $18.5 million in tax subsidies. The state legislature adjourned without passing the bill, but the show can still get about $15 million in subsidies. Will it decamp for more generous climes? A NetflixÂ lobbyist couldnâ€™t possibly comment.
Tax Day and income inequality. Join TPC for a discussion with Thomas Piketty, author of Capital in the Twenty-First Century, a new book on the long-term evolution of inequality, the concentration of wealth, and prospects for economic growth. In a conversation moderated by TPCâ€™s Len Burman, Piketty will be joined by Dean Baker of the Center for Economic and Policy Research and Kevin Hassett of the American Enterprise Institute. Register here or tune in to the live webcast on Tuesday, April 15, at noon.
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