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Biden Budget Tax Proposals: Details & Analysis

TweetShareSharePin0 Shares Topline Preliminary Estimates Net Deficit Impact Long-run GDP Wages FTE Jobs Note: *On a conventional basis. Source: Tax Foundation General Equilibrium Model, March 2023. President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses and high-income individuals. After $833 billion

Biden Budget Taxes: Details & Analysis

TweetShareSharePin0 Shares President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding. In total,

Distributed Profits Tax: Details & Analysis

TweetShareSharePin0 Shares The tax treatment of U.S. businesses is a complicated and onerous process for tax preparers, revenue officials, and business owners alike. The tax system treats businesses differently based on their legal form, produces economic distortions, taxes income multiple times, and creates complexity and uncertainty for taxpayers. Even though business taxation has changed in

US Tax Reform Plan: Federal Flat Tax

TweetShareSharePin0 Shares Key Findings The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way. This report provides an analysis of the

Will the IRS Tax State Tax Rebates?

TweetShareSharePin0 Shares If your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet. This uncertainty is unfair to taxpayers. Tax experts have long known that the taxability of state rebate payments would be an issue,

FairTax FAQ

TweetShareSharePin0 Shares The FairTax is a proposal to replace all major sources of the federal government’s revenue—the individual income tax, corporate income tax, estate and gift taxes, and payroll tax—with a national sales tax and rebate, abolishing the IRS in the process. Source link TweetShareSharePin0 Shares

2023 Tax Filing Season: Tax Season Delays & Complexity

TweetShareSharePin0 Shares As Americans prepare to file their 2022 tax returns, the Internal Revenue Service (IRS) remains mired in a backlog of millions of returns from previous tax filing seasons. The National Taxpayer Advocate issued a warning to lawmakers in her annual report to Congress that the backlog creates “challenges for the 2023 tax filing

Federal Estate Tax Returns: IRS Data

TweetShareSharePin0 Shares Supporters of the federal estate tax often defend it by saying that “because it only affects the heirs of the wealthiest Americans—fewer than one in 1,000 estates—the estate tax is the most progressive part of the tax code.” Despite the relatively small number of estates that pay the tax, there are real people

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

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