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Federal Tax Updates Archive

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

A CTC Work Requirement? | Tax Policy Center

TweetShareSharePin0 Shares Changes to the CTC proposed by Sen. Manchin. Axios reports the West Virginia Democrat asked the White House to add a work requirement to an expanded Child Tax Credit and limit benefits to families with incomes of about $60,000 or less. Such a change would reduce the $3.5 trillion price tag of the

Projection for Diesel Fuel Prices

TweetShareSharePin0 SharesProjection for Diesel Fuel Prices For as long as the prices of crude oil and the demand for distillate fuels are maintained at a high level, the retail diesel fuel prices will in most likelihood be high, too. The Energy Information Association (EIA) has released a report on what is likely to happen for

2021 International Tax Competitiveness Index

TweetShareSharePin0 Shares Note: Each year we review and improve the methodology of the Index. For that reason, prior editions are not comparable to the results in this 2020 edition. All data and methodological notes are accessible in our GitHub repository. Below is a preview of the 2021 Index. To access the full report, click the download

Is Panama Returning to the 90-Day Tourist Visa?

TweetShareSharePin0 SharesIs Panama Returning to the 90-Day Tourist Visa? Panama Tourist Visas – The length of the tourist visa that has been reduced to 30 days from 90 days (first reported: Panama Tourist Visa Changes) is on schedule to be readdressed in a special session of the Panama Legislature to be held in Mid-July. It

Rethinking Climate Policy And IRS FAQs

TweetShareSharePin0 Shares Storms ahead for the President’s climate change initiative. Sen. Joe Manchin of West Virginia has pushed back on a key element of the president’ climate agenda. The Clean Energy Performance Program would reward companies that increase their clean energy supply by 4 percent each year and  penalize those that don’t. That would include

Indonesia launches investigation following ‘Macao Money Machine’ report

TweetShareSharePin0 Shares The Government of Indonesia has launched an investigation on pricing and customs reporting practices of a pulp mill owned by one of Indonesia’s wealthiest moguls. The investigation follows the launch of the Macao Money Machine report published by Indonesia’s Tax Justice Forum and other civil society groups including Tax Justice Network. The report

How Much Alcohol And Tobacco Can You Bring To America Duty Free?

TweetShareSharePin0 SharesHow Much Alcohol And Tobacco Can You Bring To America Duty Free? Travelers may import previously exported tobacco products only in quantities not exceeding the amounts specified in exemptions for which the traveler qualifies. Any quantities of previously exported tobacco products not permitted by an exemption will be seized and destroyed. These items are

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