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45ae59f6be38e421749b1804ad67ec3f Archive

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

Tax Relief, Tax Scrutiny | Tax Policy Center

TweetShareSharePin0 Shares Will taxing capital gains at death hurt farmers? Democratic lawmakers representing rural districts want assurances that owners of family farms and small businesses will be protected from President Biden’s proposal to tax at death capital gains exceeding $1 million.  June will be appropriations month in the House. Appropriations Committee Chair Rosa DeLauro says

Debt Limits, Trust, and Optimism

TweetShareSharePin0 Shares Get ready for the debt limit crisis. Treasury warned that it may have to take its usual “extraordinary measures” to keep the federal government funded after July 31. It added, however, “In light of the substantial Covid-related uncertainty about receipts and outlays in the coming months, it is very difficult to predict how

Should Government Use Tax Incentives to Encourage People to Get The COVID-19 Vaccine?

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
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