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Inflation Reduction Act Archive

2022 Tax Extenders: Details & Analysis

TweetShareSharePin0 Shares At the end of each year, policymakers face a series of expiring tax provisions that are typically extended on a temporary basis, setting up a recurring and almost ritualistic tax extenders season. At a time of heightened concerns about the economy, high deficits, and inflation, policymakers should prioritize stability and economic growth by

Inflation Reduction Act EU Tax & Trade Cooperation: EV Tax Credit

TweetShareSharePin0 Shares Over the last six months, European perceptions of the Inflation Reduction Act have been a rollercoaster. European policymakers were hopeful that the Inflation Reduction Act would implement Janet Yellen’s Pillar Two commitment at the Organisation for Economic Cooperation and Development (OECD). But hope turned to disappointment when the final text was fundamentally different from

Inflation Reduction Act Energy Tax Increases

TweetShareSharePin0 Shares As noted in a Tax Foundation blog post last week, the Inflation Reduction Act (IRA) primarily uses carrots, not sticks, to incentivize reductions in carbon emissions. The Inflation Reduction Act creates or expands tax credits for various low- or no-emission technologies, rather than imposing a generalized penalty for emissions, such as a carbon tax.

Federal Tax Collections & Inflation Surging

TweetShareSharePin0 Shares The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent). While not part of the CPI, another measure of inflation (call it

Inflation Reduction Act Green Energy Tax Credits

TweetShareSharePin0 Shares The Inflation Reduction Act created numerous tax subsidy programs intended to accelerate the transition to a greener economy. The justification for climate change action is strong, but there are two possible approaches to take which we might colloquially call carrots and sticks. Carrots are subsidies designed to reduce emissions—think tax credits for green energy

Bonus Depreciation Effects: Details & Analysis

TweetShareSharePin0 Shares Key Findings 100 percent bonus depreciation allows firms an immediate tax deduction for investments in qualifying short-lived assets. The phaseout of 100 percent bonus depreciation, scheduled to take place after the end of 2022, will increase the after-tax cost of investment in the United States. Preventing the phaseout and making 100 percent bonus

Enforcement vs. E-Filing Technology Modernization

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) was one of the biggest winners in the recently enacted Inflation Reduction Act (IRA). The new law approved roughly $80 billion in additional IRS funding over the next 10 years. This will boost the IRS budget from around $12 billion per year to roughly $20 billion, a 66

Tax Compliance Costs of IRS Regulations: Details & Analysis

TweetShareSharePin0 Shares In a pattern that has become all too common in recent decades, the newly enacted Inflation Reduction Act (IRA) added yet another layer of tax complexity to an already complex and burdensome federal tax code. While the Inflation Reduction Act increased the Internal Revenue Service (IRS) budget by roughly $80 billion over 10

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