For the rest of 2015, I’m going to share my list of ten items from 2015 that I think have particular tax policy relevance. It’s not a countdown so the start of this list today – #1, isn’t necessarily the biggest item of interest.
#1 – Congress can alter our tax system via a lot of non-tax bills. In 2015, we saw ten bills enacted (as of 12/11/15) with tax changes. Yet, these bills were not intended to be tax bills, they all had a different primary purpose such as enacting trade deals or funding the Highway Trust Fund. Various tax changes were added in, many of which had been around for a while. For example, the GAO has been suggesting for years that additional information be required on Form 1098 mortgage interest statement. The change in due dates for some tax forms has also been talked about for some time and was even in Congressman Camp’s H.R. 1 (113rd Congress) tax reform bill. Read More