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$3.5 Trillion Budget Reconciliation Bill

TweetShareSharePin0 Shares Preliminary Revenue and Economic Estimates Revenue (Trillions) Long-run GDP Wages FTE Jobs Source: Tax Foundation Taxes and Growth Model, September 2021. Democratic lawmakers on the House Ways and Means Committee have advanced legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation could be modified by the House

Corporations in Most States Would Face Income Tax Rate Exceeding 30 Percent Under Ways and Means Proposal

TweetShareSharePin0 Shares A centerpiece of House Democrats’ reconciliation proposal is an increase in the corporate tax rate, from 21 percent to 26.5 percent. The corporate income tax is among the most economically harmful ways to raise revenue. Higher corporate taxes reduce output, productivity, and wages in the long run, while making the United States less

Top Combined Capital Gains Tax Rates Would Average 36.8 Percent Under House Dems’ Plan

TweetShareSharePin0 Shares House Democrats’ reconciliation legislation proposes raising the long-term capital gains tax rate to 25 percent and applying a new 3 percentage point surcharge on all income above $5 million of modified adjusted gross income. When including the net investment income tax of 3.8 percent under current law, the top marginal capital gains tax

House Tobacco Proposals Defy Biden’s Tax Pledge

TweetShareSharePin0 Shares House Democrats’ newly released $3.5 trillion tax legislation includes a tax increase on tobacco, nicotine, and vapor products levied on tobacco manufacturers. But ultimately it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase. According to the Joint

Infrastructure Investment, Taxes, and Inflation

TweetShareSharePin0 Shares On August 23rd, Jared Bernstein and Ernie Tedeschi, two members of the president’s Council of Economic Advisers, released a blog post arguing that the Biden administration’s spending agenda would help keep long-term inflation in check. Their theoretical argument is sound: in the long run, productivity enhancements should put downward pressure on prices. However,

Wyden Tax Proposals & Reconciliation

TweetShareSharePin0 Shares Congressional lawmakers are putting together a reconciliation bill to enact much of President Biden’s Build Back Better agenda. Many lawmakers, however, want to make their own mark on the legislation. Senate Finance Committee Chair Ron Wyden (D-OR) has released his own proposals on a variety of tax issues that differ in some important

Wyden Mark-to-Market Bill | Wyden Financial Services Tax Proposals

TweetShareSharePin0 Shares Sen. Ron Wyden (D-OR) has introduced a series of proposals that may be considered in the budget reconciliation process, including two bills that would change the tax treatment of financial services: derivatives and carried interest. Notably, both proposals would enact “mark-to-market” taxation for derivatives and carried interest, which could be a precursor to
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