45ae59f6be38e421749b1804ad67ec3f Archive

Biden’s Budget Is A Big Tax Hike For The Top 1 Percent

TweetShareSharePin0 Shares TPC analyzed the major tax provisions in President Biden’s budget. Its analysis finds that Biden’s plan would raise average after-tax incomes for low-income households in 2024 and leave them effectively unchanged for middle-income households. The top 1 percent (those with at least roughly $1 million in income) would pay an average of $300,000

A Rate Increase; An IRS Conflict Of Interest?

TweetShareSharePin0 Shares Fed raises rates, finds banking system “sound and resilient.” In a unanimous decision, the Federal Reserve approved a quarter-point increase in the federal funds rate target range, aiming to bring inflation back down to 2 percent over the long run while still supporting maximum employment, according to its statement.  On Capitol Hill today.

Tax Rules And Tax Relief

TweetShareSharePin0 Shares Guidance on the CHIPS Tax Credit is available. The “Creating Helpful Incentives to Produce Semiconductors and Science (CHIPS) Act of 2022” established an advanced manufacturing investment credit. Treasury and the IRS are now releasing rules for the credit, which is worth 25 percent of the value of qualified investments in domestic semiconductor chip

Tax Season Is Humming Along

TweetShareSharePin0 Shares The IRS is processing returns a bit faster than last year. The IRS reports it has processed 63.2 million individual income tax returns as of March 10, 2 percent more than this time last year. Tax professionals filed 30.2 million returns electronically (an increase of 3.1 percent). The number of taxpayers filing on

The Auditor Will Be Audited

TweetShareSharePin0 Shares The GAO will audit the use of new IRS funding. In testimony delivered Wednesday to the Senate Appropriations Subcommittee on the Legislative Branch, Government Accountability Office (GAO) Comptroller Gene Dorado said the office has 32 ongoing or planned audits on Inflation Reduction Act spending through 2025, with more expected in the future. Budget

Revenue Woes And Budget Blues

TweetShareSharePin0 Shares Tune in today at noon for TPC’s Prescription with Brian Riedl of the Manhattan Institute. He’ll talk with TPC’s Howard Gleckman about President Biden’s budget plan for fiscal year 2024, congressional Republican budgeting priorities, and ongoing negotiations over the debt ceiling. Watch here at 12:00 Eastern Daylight Time. CBO: Extending TCJA provisions and

Werfel Takes Charge, States Continue Tax Cut Trend

TweetShareSharePin0 Shares It’s official: IRS Commissioner Werfel has been sworn in. On Monday, Daniel Werfel was sworn in as the 50th IRS Commissioner. Werfel served as controller of the Office of Management and Budget from 2009 to 2013 and served as IRS acting commissioner briefly in 2013. His term expires in November 2027. Tomorrow on

Requests And Transformations… | Tax Policy Center

TweetShareSharePin0 Shares Tomorrow on the Hill: The Senate Budget Committee will hear testimony from Office of Management and Budget Director Shalanda Young on President Biden’s budget proposal for fiscal year 2024. Also, the Senate Appropriations Subcommittee on the Legislative Branch will hold a hearing on fiscal year 2024 budget requests from the Congressional Budget Office

Budget and Debt Limit Fights Heat Up

TweetShareSharePin0 Shares President Biden’s revenue provisions throw down the gauntlet. TPC’s Howard Gleckman shares the highlights. The revenue measures won’t be approved, since even last year’s Democratically controlled Senate and House would not adopt Biden’s most ambitious tax increases. Instead, Biden’s plan “lays down a marker for what will be difficult budget negotiations later this

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