Federal Tax Updates Archive

Mega IRAs Reflect Mega Legislative Mistakes

TweetShareSharePin0 Shares Mega-IRAs are hot this summer, following a June 2021 report by the nonprofit news service ProPublica that revealed—based on leaked IRS files—that a handful of high-net-worth individuals have accumulated massive individual retirement account (IRA) balances. The congressional Joint Committee on Taxation also reported that in 2019 more than 28,000 taxpayers owned IRAs worth

Taxes Could Negatively Impact Housing

TweetShareSharePin0 Shares Within the last year, the median sales price of houses sold in the United States rose by 16.2 percent while sales of new single-family houses dropped by 19.4 percent, an indication that demand for housing continues to outpace supply. While President Biden has many proposals aimed at increasing the supply of affordable housing,

The Facts About College Financial Aid

TweetShareSharePin0 SharesThe Facts About College Financial Aid The cost of a 4-year college education is soaring! Every year tuition, room & board and other related expenses increase 9% to as much as 15% at some schools, and have already climbed to $160,000 and more! Despite this, American families are sending their children to college in

Feathering Your Retirement Nest

TweetShareSharePin0 SharesFeathering Your Retirement Nest What will you look for as you approach your “golden” years? Will it be an affordable condo on the golf course with room for the grandchildren to visit? Must it be close to friends and family or new “senior” friends living close by? Should it be near good medical facilities?

Nuclear Energy Tax Treatment Should Be Simplified & Neutral

TweetShareSharePin0 Shares Tackling climate change and shifting the economy towards renewable energy has been a key part of the Biden administration’s agenda.  However, this effort must first confront an overly complicated and non-neutral tax code, particularly in how it treats nuclear energy, for the White House to reach its ambitious goal of a 100 percent

Gas Taxes in Europe

TweetShareSharePin0 Shares To facilitate and foster cross-border trade and to prevent significant competitive distortions, the European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.55 per gallon) on gas. As today’s map shows, only Bulgaria and Hungary stick to the minimum rate, while all other EU countries opt

Options for Reforming the Taxation of U.S. Multinationals

TweetShareSharePin0 Shares Key Findings We analyze four options for changing the taxation of U.S. muiltinationals: the full Biden administration proposal raises the federal corporate income tax liabilities of U.S. multinationals by $1.37 trillion over a decade; a partial version raises $580 billion; making GILTI consistent with Pillar 2 raises $137 billion; and a revenue-neutral option

Small Business Tax Deductions for Year End 2004

TweetShareSharePin0 SharesSmall Business Tax Deductions for Year End 2004 As a small business owner, it’s wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004. Employee Benefit Plans – You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances

Tax havens meet monopoly power: why national competitiveness harms competition

TweetShareSharePin0 Shares This article is cross-posted from The Counterbalance, the newsletter of the Balanced Economy Project, a new organisation dedicated to tackling monopolies and excessive market power. It has been slightly adapted for the Tax Justice Network’s blog. Today we focus on the strange concept of national competitiveness – the ‘competitiveness’ of countries or states (rather

The Guide to Changing Your Name after Marriage

TweetShareSharePin0 SharesThe Guide to Changing Your Name after Marriage Whether or not to change your name after marriage is a personal decision that each person must make on his/her own. But once you’ve decided to take the plunge, you need to be prepared for the administrative tasks that await you. Trying to get all of
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