Domestic Taxes

President Obama reiterated his call to overhaul the corporate tax code on Monday during a speech at the U.S. Chamber of Commerce. 

Tennessee and California residents are among those hardest hit by sales tax, according to a recently released report.

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Sen. Saxby Chambliss has indicated that he wants legislation modeled after the recommendations from the president’s fiscal commission to be introduced without any tax credits or deductions.

The Georgia Republican told the Daily Caller that certain tax provisions could then be added to the measure that he is crafting with Sen. Mark Warner (D-Va.), signaling that he expects a fair number of his colleagues will try to amend the bill. 

More than $30 million in tax credits were erroneously claimed through July for plug-in electric and alternative-fueled vehicles credits, according to a report released Thursday by the Treasury Inspector General for Tax Administration (TIGTA).

Nearly 13,000 taxpayers claimed the nearly $33 million in credits through July 24, for about 20 percent of the $163.9 million in credits claimed during the first seven months of last year. 

During the review, TIGTA also found that 1,719 of the 12,920 individuals also erroneously reduced the amount of Alternative Minimum Tax (AMT) they owed by almost $5.3 million.

Talk about tax reform: A Senate Budget Committee hearing on Wednesday featured a fair amount of discussion about the merits of a value added tax. 

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On their first try, Senators easily approved on Wednesday an amendment to the Federal Aviation Administration reauthorization bill to repeal the onerous 1099 provision included in the healthcare act. 

The Senate approved, on a 81-17 vote, a motion to waive a point of order against the amendment offered by Sen. Debbie Stabenow (D-Mich.) to eliminate the requirement that businesses must file the forms with the IRS for purchases of $600 from each vendor.

Senate Republicans expressed some confusion earlier Wednesday over why Stabenow had signed onto a nearly identical amendment by Sens. Joe Manchin (D-W.Va.) and Mike Johanns (R-Neb.) and also offered her own. The Johanns-Manchin amendment had the support of 61 lawmakers.

An IRS initiative to register and monitor paid tax preparers will not be fully implemented until 2014, according to a new government report.

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A group of Senate Democrats is touting a new agreement between the IRS and federal Bureau of Prisons aimed at cracking down on prisoners’ ability to collect fraudulent tax returns.

Senate Republicans expressed both confusion and approval Wednesday that their push to repeal the unpopular 1099 provision from the healthcare overhaul has been taken over by Democrats. 

Sen. Debbie Stabenow (D-Mich.), who has signed onto a bipartisan bill sponsored by Sens. Mike Johanns (R-Neb.) and Joe Manchin (D-W.Va.) that has the support of 61 lawmakers, proposed her own amendment that adds five words to the Johanns-Manchin repeal measure ensuring that no "unobligated funds" are used from the Social Security Administration. 

“It turns out Senator Johanns did such an outstanding job raising awareness about the 1099 requirement that Democrats took the idea and are now claiming it as their own," Senate Minority Leader Mitch McConnell (R-Ky.) said. "Which is fine with us. It’s not a bad precedent actually. We’ve got a lot of other good ideas that we’d be happy to share."

Senate Republican aides said that while Stabenow's amendment specifically protects Social Security, the funds are supposed to come from discretionary spending, not entitlements. 

Sen. Jeff Sessions (R-Ala.) suggested Wednesday that he could favor a revenue-neutral plan to overhaul the corporate tax code, a stance that could put him at odds with other members of his party.