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fe359289e65b3fbd22d0618a15832223 Archive

Neal’s Tax Bill Is Big And Bold, With Hits and Misses

TweetShareSharePin0 Shares The most important thing to know about the tax bill proposed by House Ways & Means Committee Richard Neal (D-MA) is that it’s big. Really big. The congressional Joint Committee on taxation estimates the massive plan would raise taxes on corporations and high-income households by roughly $2.1 trillion over 10 years, use about

Was The Senate’s Heated Crypto Tax Reporting Debate Much Ado About Nothing?

TweetShareSharePin0 Shares When Congress debates major legislation, the public often focuses on a single narrow issue—one frequently irrelevant to the main point of the bill. It happened when the Senate debated the $1 trillion infrastructure measure last month: Many paid outsized attention to tax reporting for cryptocurrency, a proposal that would have funded less than

The COVID-19 Pandemic Drove A Huge, But Temporary, Increase in Households That Did Not Pay Federal Income Tax

TweetShareSharePin0 Shares The COVID-19 pandemic and the policy response to it led to an extraordinary increase in the number of American households that owed no federal individual income tax in 2020. The Tax Policy Center estimates that last year more than 107 million households, or nearly 61 percent, owed no income tax or even received

Crypto Confusion Shows Why Congress Is Broken

TweetShareSharePin0 Shares In what has become common practice, a handful of senators and Administration staffers tried over a few days to draft a highly complex bit of tax legislation in a (at least a metaphorical) backroom in the dark of night. The piece of the massive infrastructure bill just approved by the Senate would require

Paying for Infrastructure With Pixie Dust

TweetShareSharePin0 Shares President Biden and a bipartisan group of senators have agreed to the framework of a plan to boost infrastructure spending by about $579 billion. On top of already planned spending for roads, bridges, transit, water, and broadband, it would amount to a massive $1 trillion.  And they have agreed to pay for it

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
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