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Federal Tax Updates Archive

What Accounts For Booming Tax Receipts?

TweetShareSharePin0 Shares Individual income tax payments may soon break a record. The Wall Street Journal reports (paywall) on the surge in individual income tax payments, which the Congressional Budget Office projects will reach $2.6 trillion in the fiscal year ending Sept. 30. Much of the growth comes from taxes on capital gains and pass-through business

The Booming Economy, Not The 2017 Tax Act, Is Fueling Corporate Tax Receipts

TweetShareSharePin0 Shares Corporate tax revenues boomed in 2021 and some supporters of the 2017 Tax Cuts and Jobs Act argue that the big tax reductions in the bill deserve the credit (Wall Street Journal, Goodspeed and Hassett). But there is a much better explanation: Last year’s strong economic growth, high inflation, and pandemic-related relief legislation

Should Congress Raise Taxes To Fight Inflation?

TweetShareSharePin0 Shares In a Monday Wall Street Journal column (paywall), President Biden urged Congress to help fight inflation by raising tax rates on the very wealthy and using the money to reduce the deficit. Does that strategy make sense in today’s economic environment? At least in theory, raising taxes could ease inflation. But not necessarily

TaxBuzz Chat: Digital Transformation Trends

TweetShareSharePin0 Shares It’s that time again, #TaxTwitter. As hard as it may be to believe that May has passed, the June #TaxBuzzChat arrived and was busy as ever. In this month’s chat – hosted on our Twitter account @TaxBuzzOnline – we invited pros across the country to join us to discuss digital transformation trends for

US GDP, US Inflation, and US Budget Deficit Takeaways

TweetShareSharePin0 Shares Last week, the Congressional Budget Office (CBO) released its long overdue report on the nation’s budget and economic outlook for the years 2022 through 2032. Normally published at the beginning of the year, the delayed report reflects higher-than-anticipated inflation, tax revenues, deficits, and debt since the previous update CBO published nearly a year

The Weekly (Tax)Buzz – June 1st, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – June 1st, 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

Wisconsin Losing Ground to Tax-Friendly Peers

TweetShareSharePin0 Shares Over the past decade, the state tax landscape has grown increasingly competitive as policymakers have sought to attract investment and promote economic opportunity and growth in their states. The past two years in particular have seen an extraordinary increase in tax reform efforts, given states’ strong revenue growth despite the pandemic and policymakers’

Will June Be The Month For Budget Reconciliation?

TweetShareSharePin0 Shares Congress will return next week with modest hopes. The Democrats’ effort to pass a budget reconciliation bill remains stalled. And that means a global minimum tax of 15 percent on corporate income, and measures to raise taxes on the wealthy, curb climate change, increase social spending, and reduce the deficit are similarly stuck.

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