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budget reconciliation Archive

Lawmakers Could Pay for Reconciliation While Improving the Tax Code

TweetShareSharePin0 Shares With corporate and individual rate hikes potentially out of the Build Back Better (BBB) reconciliation package, lawmakers are weighing alternative options to raise revenue. Rather than come up with complicated changes to the tax base, or untested proposals such as mark-to-market for billionaires, they should prioritize options that raise revenue while improving the

Minimum Tax on Book Income Would Hit Stock Compensation

TweetShareSharePin0 Shares One way employees can be compensated for their work, in addition to wages, salaries, and benefits, is through awards of company stock. The tax treatment of stock-based compensation has received attention for contributing to the gap between corporate taxable income and book income reported on financial statements, which President Biden has proposed targeting

Democrats Top Income Tax Rate Would Be Among Highest in OECD

TweetShareSharePin0 Shares Under the House Build Back Better Act, the average top tax rate on personal income would reach 52.3 percent, tying Sweden as the 9th  highest rate in the Organisation for Economic Co-operation and Development (OECD). The House Build Back Better Act would raise the top federal marginal tax rate on ordinary income from 37 percent

Funding Is Unstable and Unsustainable

TweetShareSharePin0 Shares President Biden and congressional Democrats have justified their plan to raise taxes on the rich to fund much of their $3.5 trillion spending by claiming that the tax code is not progressive enough. Yet a recent Joint Committee on Taxation (JCT) analysis of the House Ways and Means tax plan undermines that thesis

IRS Reporting Proposal Misses the Mark

TweetShareSharePin0 Shares The Biden administration’s proposal to require financial institutions to report inflows and outflows of more than $600 from bank accounts has attracted significant attention. The Treasury Department believes it could generate $463 billion in revenue over 10 years by giving the IRS more insight into certain types of income that members of the

What’s Going on with the Child Tax Credit Debate?

TweetShareSharePin0 Shares President Biden expanded and fundamentally changed the Child Tax Credit (CTC) for one year in the American Rescue Plan (ARP) passed in March 2021. Policymakers are now deciding the future of the expansion as part of the proposed reconciliation package, but a wide range of estimates for the effects of a permanent expansion

Taxes in House Plan Emphasizes Need For It

TweetShareSharePin0 Shares Under the House Ways and Means plan to raise taxes on corporations and individuals, the integrated tax rate on corporate income would increase from 47.4 percent to 56.6 percent—the third highest in the OECD. To reduce this burden, policymakers could explore integrating the individual and corporate tax systems. Several developed countries have done

Should Tax Policy Play a Role in Tobacco Harm Reduction?

TweetShareSharePin0 Shares Following the release of the House Democrats’ proposed Build Back Better Act, federal tobacco and nicotine taxation has been a hot topic in the United States. In an effort to raise roughly $100 billion, the House proposal would double cigarette taxes and increase all other tobacco and nicotine taxes to comparable rates—a strategy
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