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55c984159366576a63f030510a9f1307 Archive

Which Industries Would the Tax Hikes Target?

TweetShareSharePin0 Shares A recent Tax Foundation analysis considered how various proposals from the Biden administration, from Congress, and from the Organisation for Economic Co-operation and Development would affect the effective tax rates (ETRs) on the foreign profits of U.S. multinationals. That analysis focused on how each policy and proposal would affect the overall ETRs. But

Analysis of SALT Cap Repeal Proposal

TweetShareSharePin0 Shares As policymakers weigh whether to lift or repeal the $10,000 cap on state and local tax (SALT) deductions enacted by the Tax Cuts and Jobs Act (TCJA), they have to wrestle with how that change would primarily benefit high-earning taxpayers. As some have pointed out, other TCJA changes may further increase the benefits

Federal Plastics Tax Is Not a Good Revenue Raiser

TweetShareSharePin0 Shares One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered. The tax would be $0.20 per pound of virgin plastics used to make single-use plastics products. While few details have been released about

US Multinational Corporation Tax Data & Analysis

TweetShareSharePin0 Shares Recent proposals from the Biden administration and congressional Democrats aim to hike taxes on the foreign profits of U.S. multinationals, resting on the claim that U.S. multinationals pay very low tax rates on these foreign profits. But how heavily taxed are they, and how would various proposals affect these tax rates? U.S. multinational

Weighing the Options for Financing Reconciliation

TweetShareSharePin0 Shares Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for

History of Step-Up in Basis Shows Perilous Road Ahead

TweetShareSharePin0 Shares As Congress considers President Biden’s proposal to tax unrealized capital gains at death, the history of previous efforts suggests it faces a perilous road ahead. Lawmakers must resolve tricky design and implementation details that derailed past attempts to change how capital gains are treated when assets are passed from one generation to the

House Democrats Tax on Corporate Income: Third-Highest in OECD

TweetShareSharePin0 Shares Under the House Ways and Means tax plan, the United States would tax corporate income at the third-highest integrated tax rate among rich nations, averaging 56.6 percent. The integrated tax rate reflects the two layers of tax that apply to income earned through corporations: the entity-level corporate income tax and the shareholder-level capital
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