Federal Tax Updates Archive

JCT Scores Build Back Better

TweetShareSharePin0 Shares JCT: Build Back Better Would Raise $1.5 trillion in tax revenue over 10 years. The Joint Committee on Taxation estimated tax revenues would come close to paying for the big spending bill over the next decade. The biggest revenue raisers include the corporate minimum tax on book income, the excise tax on stock

Taking A New Look At Annuities

TweetShareSharePin0 SharesTaking A New Look At Annuities A growing number of individuals looking for new sources of retirement income are considering annuities. An annuity is a type of contract between a private individual and a financial services or life insurance company. The individual pays a sum of money that is invested and in return the

If You Were Tax Policy Chief for a Day..

TweetShareSharePin0 Shares It’s that time again, #TaxTwitter. As hard as it may be to believe that October has passed (although maybe this October passing is a relief for most of you..), the November #TaxBuzzChat arrived and was busy as ever. In this month’s chat – hosted on our Twitter account @TaxBuzzOnline – we invited pros

Hybrid Vehicles and Tax Benefits

TweetShareSharePin0 SharesHybrid Vehicles and Tax Benefits You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop. Deductions and Credits The Energy Policy Act of 2005 made a major modification to the tax benefits of

Close To Closing The Deal, At Least In The House

TweetShareSharePin0 Shares SALT fix is in. House Democrats agreed to raise the state and local tax (SALT) deduction cap from $10,000 to $72,500. The latest version of the Build Back Better bill also restores a House Ways & Means proposal intended to curb the ability of very wealthy individuals to stash money in Roth IRAs.

Comparing Corporate Tax Systems in Europe, 2021

TweetShareSharePin0 Shares On October 17, we released the International Tax Competitiveness Index 2021, a study that measures and compares the competitiveness and neutrality of all 37 OECD countries’ tax systems. In the coming weeks, we will illustrate how European OECD countries rank in each of the five components of the Index: corporate income taxes, individual

The Latest SALT Cap Fix Would Mostly Benefit High Income Households, Do Little For Middle-Income People

TweetShareSharePin0 Shares The House Democrats’ latest plan to adjust the cap on the state and local tax (SALT) deduction would provide little or no benefit for low and middle-income households but generate a substantial tax windfall for those with much higher incomes, according to a new analysis by the Tax Policy Center. The latest plan

Watch Out For Bad Apples Who Offer Consumer Debt Counseling

TweetShareSharePin0 SharesWatch Out For Bad Apples Who Offer Consumer Debt Counseling Some people may wonder about the point of having a non-profit organization such as those that provide credit counsling. After all, everyone wants something, it is hard to believe that organization exist in order just to help people. If you are skeptical about the

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