Monthly Archive:: April 2021
TweetShareSharePin0 Shares President Joe Biden’s American Family Plan will likely include a large increase in the top federal tax rate on long-term capital gains and qualified dividends, from 23.8 percent today to 39.6 percent for higher earners. When including the net investment income tax, the top federal rate on capital gains would be 43.4 percent.
TweetShareSharePin0 Shares President Biden’s choice to fund new spending programs with increased corporate taxes comes with trade-offs for American output and incomes. Our new book, Options for Reforming America’s Tax Code 2.0, compares the corporate tax increase with 36 other ways lawmakers could raise revenue. Throughout the Options book it is apparent that some tax
TweetShareSharePin0 Shares Households making $1 million or more a year would receive half the benefit of repealing the $10,000 federal cap on the state and local tax (SALT) deduction, according to new estimates by the Tax Policy Center. Seventy percent of the benefit would go to those making $500,000 or more. At the same time,
TweetShareSharePin0 Shares How high will Biden raise capital gains taxes? Bloomberg Tax reported that the White House wants to raise taxes on investment income to 43.4 percent, sending the stock market into a tizzy. A year ago, Biden said he’d raise capital gains taxes to match his proposed new top rate on ordinary income of
TweetShareSharePin0 Shares The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020. In Notice 2020-32 and Rev.
TweetShareSharePin0 Shares In United States v. Page, No. 3:20-cv-08072 (D. Ariz. April 16, 2021) the court holds that a big wrong reimbursement the Internal Revenue Service sent out to the taxpayer can not be recouped due to the fact that the Division of Justice submitted the wrong reimbursement fit far too late. The concern of
TweetShareSharePin0 Shares The Biden administration has argued for raising the corporate tax rate to offset the drop in federal corporate revenues following the Tax Cuts and Jobs Act (TCJA) of 2017, claiming it did not lead to more corporate investment as advertised. Although corporate revenues did drop following this tax reform, the ensuing increase in
CURRENTLY NOT COLLECTIBLE A taxpayer can have all collection activity halted if they are under “Currently Not Collectible” status. This status is only for taxpayers whose expenses exceed their income. The IRS will look at national standards in order to determine if the taxpayer could afford their basic living expenses.
TweetShareSharePin0 Shares Welcome to the most recent episode of the Tax obligation Justice Network’s month-to-month podcast, the Taxcast You can subscribe either by emailing naomi [at] taxjustice.net or find us on your podcast application. Taking Care Of others is the greatest point anybody can do in this globe. Yet our federal governments do not worth
TweetShareSharePin0 Shares Key Findings As the travel and hospitality industries recover from the coronavirus pandemic, policymakers have an opportunity to reevaluate and repeal discriminatory excise taxes imposed on rental car transactions. Unlike other excise taxes, rental car excise taxes are not imposed to reduce a harm or ensure drivers are paying for infrastructure. Rather, the