fe359289e65b3fbd22d0618a15832223 Archive
The Fate Of Biden’s Corporate Tax Hikes May Rest On Who Voters Think Pay Them
June 17, 2021
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TweetShareSharePin0 Shares As the partisan battle heats up over President Biden’s ambitious infrastructure plan—and the tax increases to pay for it—the fate of the package will largely be decided by who can best frame its tax hikes. Biden wants to raise taxes on corporations by about $2 trillion, excluding his “green energy” tax credits. The president
Biden Would Raise Taxes Substantially for High Income Households and Corporations, Cut Taxes for Families with Children, According to A New TPC Analysis
June 9, 2021
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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
June 7, 2021
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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
June 2, 2021
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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
Biden’s Tax Plan May Make Congress Come to Grips With The Question: What Is Income?
May 26, 2021
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TweetShareSharePin0 Shares Tax bills almost always force Congress to think about how to define income, but President Biden’s campaign promise to never raise taxes for those making $400,000 or less puts the question front-and-center. If you are not a tax geek, you might be surprised to know there are many definitions of income. Some are
TPC Compares President Biden’s Tax Agenda With Candidate Biden’s: Where It Differs and Where It Tracks
May 21, 2021
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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,
What Plays Better With the Public, Democratic Corporate Tax Hikes Or GOP User Fees?
May 19, 2021
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TweetShareSharePin0 Shares President Biden and Democrats and Republicans in Congress have begun a fascinating game of three-dimensional chess over Biden’s $2.2 trillion infrastructure spending plan and the way to pay for it. As the game begins, it may be worth looking at where public opinion stands on infrastructure spending and how it should be funded.
Delaying Required IRA Distributions Again Would Largely Help Only The Wealthy
May 5, 2021
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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?
April 26, 2021
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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?
April 20, 2021
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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