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Federal Tax Updates Archive

Context, Heartbeats, and Investments | Tax Policy Center

TweetShareSharePin0 Shares TPC’s Bill Gale puts JCT’s score on the Inflation Reduction Act in context. Gale notes that the Joint Committee on Taxation analysis suggests that taxes would increase at nearly every income level. But Bill cautions that other factors should be considered before drawing conclusions about how the Manchin-Schumer compromise climate and tax bill

Australia Social Security Tax and Benefit System

TweetShareSharePin0 Shares Imagine that a government provides subsidies to single parents that actually increase tax rates on additional work. This is the case for an Australian single parent who earns less than the average wage. With an increase in pay of just AUD 983 more, he would face a 652 percent marginal tax rate. Therefore,

IRS Fights Major Biotech Firm Over $10.7 Billion Tax Bill

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) is fighting major biotech firm, Amgen, over a $10.7 billion tax bill the company hasn’t paid after improperly shifting assets to a subsidiary based in Puerto Rico. The IRS alleges that the biotech giant transferred approximately $24 billion in profits between 2010 and 2015, leaving them with $10.7

The Weekly (Tax)Buzz – August 3rd, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – August 3rd, 2022 If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from

Inflation Reduction Act: Details & Analysis

TweetShareSharePin0 Shares Preliminary Revenue and Economic Estimates Net Revenue Long-run GDP Wages FTE Jobs Source: Tax Foundation General Equilibrium Model, July 2022. Last-week’s Democrat-sponsored Inflation Reduction Act (IRA), successor to the House-passed Build Back Better Act of late 2021, has been touted by President Biden to, among other things, help reduce the country’s crippling inflation.

Putting JCT’s Score of the Inflation Reduction Act Into Context

TweetShareSharePin0 Shares Recent analysis by the nonpartisan Joint Committee on Taxation (JCT) shows the impact of several tax pieces included in the Inflation Reduction Act (IRA). The report suggests taxes would increase at nearly every income level. However, pundits and lawmakers should consider other important factors before drawing conclusions about how the IRA would affect

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