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Federal Tax Updates Archive

How An $80,000 SALT Cap Stacks Up Against A Full Deduction For Those Making $400,000 Or Less

TweetShareSharePin0 Shares Congress seems to be considering two ways to address the Tax Cut and Job Act’s $10,000 cap on the state and local tax (SALT) deduction. The House version of President Biden’s Build Back Better (BBB) bill would raise the cap to $80,000. An alternative plan,  first proposed by the Institute on Taxation and

Comparing Income Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Our recently published 2021 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component

Oscars and Taxes

TweetShareSharePin0 SharesOscars and Taxes Ratings for the Oscars were down a whopping 10 percent compared to 2005. Well, at least the Internal Revenue Service was watching. Goodie Bags – Not So Goodie Actors that get nominated for an Oscar are might happy indeed. Praise rains down upon them for a good performance and better parts

Build Back Better Inflation Impact: Biden Tax Plan

TweetShareSharePin0 Shares Last week, the Bureau of Labor Statistics (BLS) announced that prices had risen 6.2 percent in the year up to October 2021, the fastest rate since 1990. The persistently high inflation in recent months has made some lawmakers question the need for additional deficit spending. In the short term, the Build Back Better

Why Corporate Jet Charter Services Are More Beneficial Than Owning A Private Jet

TweetShareSharePin0 SharesWhy Corporate Jet Charter Services Are More Beneficial Than Owning A Private Jet In the face of fierce global competition, cost efficiencies, and lurking terrorist threats, air travel became a burden instead a pleasure. Suddenly, time is a luxury, flexibility is critical, and safety the utmost priority. The tragic September 11 attacks further reinforced

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Modest

TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Very Modest

TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

Build Back Better Book Minimum Tax

TweetShareSharePin0 Shares The Build Back Better Act (BBBA) would raise taxes to pay for social spending programs. But the design of some of the tax increases may end up hurting private pensions, among other problems. By relying on measures of income reported on company financial statements, i.e., book income, the proposed corporate alternative minimum tax

A Vote on BBB This Week? Maybe?

TweetShareSharePin0 Shares BBB finally hits the House floor.  Majority Leader Steny Hoyer said “most of” the floor debate on the House version of President Biden’s Build Back Better Act (BBB) will occur today. “And then,” he told reporters, “I expect a vote on… final passage at the earliest Thursday, and at hopefully the latest on

Tax Demand? A Tax Attorney Could Reduce It

TweetShareSharePin0 SharesTax Demand? A Tax Attorney Could Reduce It Do you dread seeing those brown envelopes with the IRS or Inland Renenue address on them? Do you put them on one side until you have summoned the courage to read their latest demand for money? Does the thought of filing your tax return stress you
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