Taxing Savers and Investors Archive
Biden Tax Fairness: Double Taxation
March 13, 2023
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TweetShareSharePin0 Shares As President Biden pointed out in his State of the Union address to raucous applause, “I think a lot of you at home agree with me that our present tax system is simply unfair.” Two often overlooked aspects of unfairness in our tax code are complexity and double taxation, which would be made
Largest Tax Expenditures & Saving-consumption-neutral tax system
February 13, 2023
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TweetShareSharePin0 Shares Each year, the Joint Committee on Taxation (JCT) releases a report on the tax expenditures in the U.S. tax code. The report can be useful, particularly for looking at trends over time, but defining which tax provisions count as tax expenditures is a fraught process. As such, simply eliminating all tax expenditures would
Biden State of the Union Tax Proposals
February 7, 2023
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TweetShareSharePin0 Shares Tax policy will reportedly be featured in President Biden’s State of the Union Address tonight, but rather than offer a vision of how the tax code could be simplified or reformed to address today’s economic challenges, the President will outline three proposals that will add to the ever-growing maze of complex, narrowly-targeted tax
State Wealth Tax Proposals Take Aim at Investment
January 17, 2023
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TweetShareSharePin0 Shares Wealth taxes are back in a big way. In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday. The campaign is part of a broader national focus on new taxes on
Omnibus Federal Spending Deal: Retirement Savings Tax Treatment
December 21, 2022
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TweetShareSharePin0 Shares This week, Congress forged an agreement to fund the federal government through an omnibus spending package that runs through September 2023. This package will include legislation that improves the tax treatment of saving, building on previous proposals introduced in the Senate and the House that change incentives to save and simplify the tax
Emergency Savings Accounts & Tax Treatment of Retirement Savings
June 30, 2022
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TweetShareSharePin0 Shares Last week, the Senate Finance Committee approved the Enhancing American Retirement Now (EARN) Act, moving closer to a potential agreement to reform retirement savings this year. That is one of several proposals recently introduced—including the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (RISE & SHINE)—that would
Wealth Taxes in Europe, 2022
April 19, 2022
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TweetShareSharePin0 Shares Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European OECD countries levy a net wealth
Wealth Taxes in the OECD and Lessons for the U.S.
January 18, 2022
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TweetShareSharePin0 Shares Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals. The OECD maintains detailed tax revenue statistics for its 38
Retirement Savings: Securing a Strong Retirement Act
June 15, 2021
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TweetShareSharePin0 Shares Lawmakers have proposed three retirement savings bills to expand access and simplify certain rules for retirement savers and employers, but each version would fall short of comprehensive reform. The proposals would build on the improvements made by the SECURE Act of 2019 to increase the flexibility of savings accounts and expand limits for
a 61% Tax on Wealth? Tax Foundation
April 29, 2021
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TweetShareSharePin0 Shares As part of President Joe Biden’s American Families Plan (AFP), the White House yesterday proposed two major tax increases on accumulated wealth, adding to a 61 percent tax on the wealth of high-earning taxpayers. First, the American Families Plan would tax unrealized capital gains at death for unrealized capital gains worth over $1 million.
