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45ae59f6be38e421749b1804ad67ec3f Archive

Action Or Inaction, Taxes May Have Only One Way to Go

TweetShareSharePin0 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News  looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans

Norms, Returns, and Refunds | Tax Policy Center

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

Payments, Patriots, and Pot | Tax Policy Center

TweetShareSharePin0 Shares Coming soon: Enhanced and advanced child tax credit payments. Beginning July 15, about 39 million families and over 65 million children will receive enhanced monthly child tax credit payments of $300 for each child under age 6 and $250 for those ages 6 to 17. The benefit will reach 88 percent of children

A Budget In Two Week; Tracking Pandemic Relief Dollars

TweetShareSharePin0 Shares White House will release its budget on  May 27. President Biden will release his full 2022 budget two weeks from now. It will include projections for mandatory spending such as Social Security, Medicare, and Medicaid as well as more details on discretionary spending and tax proposals. It’s expected to unify his $1.5 trillion

A Budget In Two Weeks; Tracking Pandemic Relief Dollars

TweetShareSharePin0 Shares White House will release its budget on  May 27. President Biden will release his full 2022 budget two weeks from now. It will include projections for mandatory spending such as Social Security, Medicare, and Medicaid as well as more details on discretionary spending and tax proposals. It’s expected to unify his $1.5 trillion

Inflation or a price blip? And a red line?

TweetShareSharePin0 Shares Inflation or a short-term price increase? Consumer prices rose a steep 4.2 percent in April compared to a year earlier, the biggest jump since 2008. Economists and policymakers must now try to understand whether the bump is a sign of inflation or merely a short-term increase that reflects temporary supply shortages and rising

Reasons, Refunds, Rebates and Rights

TweetShareSharePin0 Shares Minding the gap… The Senate Finance Committee’s top Republican, Mike Crapo, asked IRS Commissioner Chuck Rettig to explain his estimate of a $1 trillion tax gap. Crapo wants to know  how much is attributable to asset and price growth between 2011 and 2013, cryptocurrency holdings, and unreported income from foreign sources and pass-through

Applying For… Or Not Claiming… COVID-19 Relief

TweetShareSharePin0 Shares State and local governments can now apply for federal COVID-19 aid. Yesterday, Treasury opened its application portal for state and local governments. Eligible recipients can apply for grants to help fight COVID-19, replace public revenue lost to the pandemic, offer financial relief to individuals and businesses, and address the public health and economic

One More Week Until Tax Day…

TweetShareSharePin0 Shares There’s a paper jam at the IRS. The Treasury Inspector General for Tax Administration (TIGTA), in a recent interim report on the 2021 tax filing season, finds that a “lack of functioning printers and copiers contribute to the inability to reduce backlogs” at the IRS. TIGTA found that  42 percent of printers and
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