It’s Tax Time - Tax Week (they are due on Tuesday), so what better time to take a look at the past quarter’s tax headlines.

2017 Tax Filing

• Do you put off your taxes until the last moment? Now is your time, and here are some things to check to make sure you are taking full advantage of deductions and credits before new tax laws go into effect.
• And do your math correctly, sign the form/check, and put a stamp on it!!!! Avoid making the mistakes people make that delay their refunds.
• But don’t wait too long!  The IRS doesn’t accept “the dog ate my taxes” as an excuse for not paying your taxes.
• It’s not too late to get (free) help filing your taxes.  
• Yes, the IRS will send you a bill.  If you can’t pay your taxes, file anyway and pay what you can to avoid higher penalties.
• Do you have cryptocurrency? Here is info on how to handle it for tax purposes.  (You must claim gains and may be able to claim losses….but you should be keeping a spreadsheet to keep track of it all!)
• People complain about taxes but don't really know how much they pay.

State Income and Sales Taxes

• Do you know which states have the highest total tax burden for individuals? Other headlines follow up with statistics on people leaving these states if they can (like when they retire).
• Folks may be enjoying a bit of  extra take-home pay thanks to the new tax act, (lower Federal Withholding) but states are feeling the pinch and pinching back!
• Here is a look inside the complex system of sales tax: NJ looks at taking Uber and AirBnB….

Other Taxes

• This one may be more appropriate for teachers than students, but there are some really good economics lessons here, as well as prime material to discuss unintended consequences of fiscal policy!!! In honor of National Beer Day last week, a look at the history of taxes on beer.

US Tax Policy

• Let’s start with this section with an interesting retrospective on The Real Effects of America's Federal Taxes.  See how much income has grown by class since 1980, reflecting past tax restructuring.
• Here is a look at how the Tax Act will impact the distribution of the tax burden:  

Households with $150,000 or more in income make up 52% of total income nationally but pay large portion of total taxes (87%, up from 84%)

• John Sides discusses our tax system with two tax scholars and why it is so complicated.
• Finally, in an 8 minute video (and text), CBS discusses whether or not there is a better way to manage taxes in the US with a Stanford Law professor, and what may be standing in the way of any changes.  What do you think, or better yet, what do your students think?

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