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Federal Tax Updates Archive

Why Progressivity in Tax Policy Is Not A Simple Matter

TweetShareSharePin0 Shares Policymakers and even policy analysts often consider the progressivity of specific proposals independently from the broader systems in which they operate. Consequently, they often leave the public with a misleading impression of how those proposals affect various income groups. Here are four examples of how specific programs might appear to be regressive yet

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

“Build Back Better” Progress? | Tax Policy Center

TweetShareSharePin0 Shares Democrats may be closing the gap on Build Back Better. After meeting with President Biden yesterday, Democrats showed some signs of narrowing their differences on a major social spending and tax bill. Biden told Democrats he’s aiming for a deal of about $1.75 trillion to $1.9 trillion, far less than the $3.5 trillion

Do You Pay Taxes On eBay Income?

TweetShareSharePin0 SharesDo You Pay Taxes On eBay Income? Q: I read your last column about paying income tax on eBay sales if you are doing it as a business, but as someone who only sells on eBay occasionally I’m still confused if the IRS rules apply to me. Can you tell me more? — Norman

Florida tax preparer pleads guilty to tax fraud

TweetShareSharePin0 Shares The owner of two separate tax preparation companies will be spending the next four-and-a-half years in jail after he was caught misusing client information to steal from the federal government. Damian O. Barrett pled guilty to mail fraud, filing a false tax return, and aggravated identity theft. Once his 54-month term in federal

Taxes and Bankruptcy

TweetShareSharePin0 SharesTaxes and Bankruptcy The filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy. Some personal income taxes may be eliminated

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

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