Monthly Archive:: May 2021
A Motivating Reminder
May 5, 2021
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TweetShareSharePin0 Shares Nina Olson identified a need, which created a movement and changed the landscape of America’s tax system forever. She started the Community Tax Law Project in 1992 and the Revenue Restructuring Act, (“RRA”), which ushered in a new era for taxpayer advocacy (including the Taxpayer Advocate Service and the role of National Taxpayer
If You Can’t Stand The Heat…
May 5, 2021
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TweetShareSharePin0 Shares Treasury Secretary Yellen: Threading the needle on inflation. Source link TweetShareSharePin0 Shares
Should Government Use Tax Incentives to Encourage People to Get The COVID-19 Vaccine?
May 5, 2021
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TweetShareSharePin0 Shares Tax incentives can encourage action that supports the public good—like lifting children out of poverty, giving to charity, pursuing higher education, or using alternatives to fossil fuels. How about helping end a global pandemic? COVID-19 has weakened economies and killed more than 3.1 million people worldwide, with over 575,000 deaths in the US
The State Tax Costs of Doing Business
May 5, 2021
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TweetShareSharePin0 Shares Note: A landmark comparison of corporate tax costs in all 50 states, Location Matters calculates and analyzes the tax burdens of eight model firms: a corporate headquarters, a research and development facility, a technology center, a data center, a shared services center, a distribution center, a capital-intensive manufacturer, and a labor-intensive manufacturer. Each
Kansas Tax Reform Passes: Outlier No More
May 4, 2021
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TweetShareSharePin0 Shares Legislators in Kansas have had enough of their state being a tax policy outlier. After three years of deliberations, more than two-thirds of members in both the Senate and the House enacted tax reform and relief legislation Monday over the veto of Gov. Laura Kelly (D). Senate Bill 50 puts the state on
25 Percent Corporate Income Tax Rate?
May 4, 2021
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TweetShareSharePin0 Shares Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent. Including state corporate taxes, a 25 percent federal corporate income tax rate would result in a combined average top corporate tax
The Fatty Rule for Post TFA Innocent Spouse Cases? An Early Look at the Otherwise Unavailable Evidence Exception
May 4, 2021
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TweetShareSharePin0 Shares The Taxpayer First Act changed the scope of review in innocent spouse cases. Rather than allow parties to introduce evidence at trial, as we have discussed (see for example Christine’s post Taxpayer First Act Update: Innocent Spouse Tangles Begin) the TFA restricts the parties to the administrative record. TFA contains two exceptions: when there
Gaps, Surpluses, And A Retreat
May 4, 2021
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TweetShareSharePin0 Shares McConnell: No to $4 trillion but maybe yes to $600 billion. Source link TweetShareSharePin0 Shares
Options to Help Low-Income Households
May 4, 2021
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TweetShareSharePin0 Shares In our new book, Options for Reforming America’s Tax Code 2.0, we illustrate the economic, distributional, and revenue trade-offs of 70 tax changes, including several that would boost the incomes of poor households specifically. Below we evaluate some options that would provide the largest direct relief to low-income taxpayers but would have little
Corporate Income (Top Combined Integrated Tax Rate)
May 3, 2021
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TweetShareSharePin0 Shares Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent. First, the federal corporate tax rate would rise to 28 percent, which together with an average of state corporate tax rates would result in a 32.4 percent combined top
