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fe359289e65b3fbd22d0618a15832223 Archive

Biden Would Raise Taxes Substantially for High Income Households and Corporations, Cut Taxes for Families with Children, According to A New TPC Analysis

TweetShareSharePin0 Shares Nearly all of President Biden’s proposed tax increases would be borne by the highest income 1 percent of households–those making about $800,000 or more—according to a new analysis by the Tax Policy Center. At the same time, Biden would cut taxes for many low- and moderate-income households and reduce them substantially for those

How Biden Would Tax Capital Gains At Death

TweetShareSharePin11 Shares President Biden has proposed major changes in the way the US taxes the assets of those who have died. There is a great deal of confusion about just what he’d do, in part due to the way the White House itself framed his proposals in an April fact sheet. I’ll try to explain

The Deficit Is Likely To Be Bigger Than Biden Projects, But Not Because Of A Rosy Economic Forecast

TweetShareSharePin0 Shares Those of us who have been writing about the federal budgets for too long remember the sad history of presidents trotting out wildly optimistic economic assumptions to explain away growing deficits and debt. It was a tried-and-true way to hide their unwillingness to pay for ambitious spending with too little tax revenue. Former

TPC Compares President Biden’s Tax Agenda With Candidate Biden’s: Where It Differs and Where It Tracks

TweetShare1SharePin1 Shares When Joe Biden ran for president, his campaign platform included dozens of relatively specific tax proposals. They ranged from expanding refundable tax credits for low- and moderate-income households to increasing payroll taxes for high-income workers to major changes in the way the US would tax multinational corporations. And, with a few notable exceptions,

Delaying Required IRA Distributions Again Would Largely Help Only The Wealthy

TweetShareSharePin0 Shares  The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would overwhelmingly be wealthy retirees

Are IRS Security Tools Blocking Millions of People from Filing Electronically?

TweetShareSharePin0 Shares The IRS struggles mightily to balance two goals: It desperately wants to encourage taxpayers to file their tax returns electronically rather than on paper. And it must protect filers against identify theft and other forms of fraud. The problem: The agency’s security processes are preventing millions of people from filing electronically and are

Will the GOP Rift with Big Business Lead to Higher Corporate Taxes?

TweetShareSharePin0 Shares Could the corporate blowback against GOP efforts to rewrite voting rules in Georgia and other states drive congressional Republicans to accept some of President Biden’s proposals to raise taxes on US corporations and, gulp, their shareholders and top executives? Well, probably not. But the endless stories about the growing rift between big business
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