Federal Tax Updates Archive
Biden State of the Union Tax Proposals
February 7, 2023
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TweetShareSharePin0 Shares Tax policy will reportedly be featured in President Biden’s State of the Union Address tonight, but rather than offer a vision of how the tax code could be simplified or reformed to address today’s economic challenges, the President will outline three proposals that will add to the ever-growing maze of complex, narrowly-targeted tax
Corporate Tax Breaks & Social Spending
February 7, 2023
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TweetShareSharePin0 Shares A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses. Tax expenditures are often akin to “spending
Biden to Propose Billionaire Minimum Tax
February 7, 2023
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TweetShareSharePin0 Shares Watch for the proposal in tonight’s State of the Union address. A White House factsheet released yesterday confirmed that President Joe Biden will use his State of the Union speech to call for a minimum tax on billionaires, similar to the one his administration proposed in its prior year’s budget plan. Biden will
State & Local Sales Tax Rates | 2023 Sales Tax Rates
February 7, 2023
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TweetShareSharePin0 Shares Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.550 percent), Tennessee (9.548 percent),
10 targets every country’s beneficial ownership laws should meet (and how to meet them effectively)
February 7, 2023
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TweetShareSharePin0 Shares After years of experience assessing countries’ frameworks on legal and beneficial ownership registration and working closely with authorities, experts and researchers, the Tax Justice Network is publishing its ‘Roadmap to Effective Beneficial Ownership Transparency’ (REBOT). The roadmap sets out a guiding north star for achieving a truly transparent beneficial ownership framework that can
Roadmap to Effective Beneficial Ownership Transparency (REBOT)
February 7, 2023
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TweetShareSharePin0 Shares Prohibit bearer shares, discretionary trusts and nominees, discourage complex ownership chains, cover state-owned companies as well as listed companies and investment funds by applying even lower thresholds, and interconnect beneficial ownership registries with each other and with asset registries. Why? Loopholes, such as bearer shares, nominees and exemptions for listed companies, create secrecy
Former Bank Teller Going to Federal Prison For Fraud Crimes
February 7, 2023
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TweetShareSharePin0 Shares A former bank teller has been sentenced to over two years in federal prison on serious fraud charges. Karen Farrell Tigler, of Marrero, Louisiana, will face 27 months imprisonment followed by two years of probation. United States District Judge Sarah S. Vance also ordered Tigler to Tigler to pay a $200.00 mandatory special assessment fee,
Congress’s Medicare Financing Mess is Bigger Than You Think
February 6, 2023
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TweetShareSharePin0 Shares While Congress talks about the federal debt, it’s still hesitating to deal with one major source of rising deficits—Medicare—that it can’t avoid much longer. Medicare’s Hospital Insurance (HI) fund expenses increasingly exceed its revenues, and it is scheduled to run out of reserves to help pay for those expenses by 2028. If that
Tax Justice Network Arabic podcast #62: بولط تونس: تسريب معطيات نحو تل أبيب، تهرّب ضريبي وجرائم أخرى
February 6, 2023
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TweetShareSharePin0 Shares Welcome to the 62nd edition of our Arabic podcast/radio show Taxes Simply الجباية ببساطة contributing to tax justice public debate around the world. It’s produced and presented by Walid Ben Rhouma and is available on most podcast apps. Any radio station is welcome to broadcast it for free and websites are also welcome to share it. You can follow
If Debt Ceiling Wishes Were Horses, Beggars Would Ride
February 6, 2023
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TweetShareSharePin0 Shares For a debt limit deal, what might the House GOP in exchange? The Washington Post outlines several ideas currently in the mix among House Republicans: cutting spending, reforming Social Security and Medicare, repealing the $80 billion funding boost for the IRS, clawing back aid for Covid-19 relief programs, and adding new work requirements
