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Federal Tax Updates Archive

Action Or Inaction, Taxes May Have Only One Way to Go

TweetShare1SharePin12 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News  looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans

Action Or Inaction, Taxes May Have Only One Way to Go

TweetShareSharePin0 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News  looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans

Minnesota Tax Attorney: Put an End to Your Tax Nightmare

TweetShareSharePin0 Shares Minnesota Tax Attorney: Put an End to Your Tax Nightmare Source: Flickr No case is doomed to failure. However, you also need to do something to save yourself from doom. You have to take the necessary moves to preclude tax penalties and debts from quickly piling up and strangle your finances. Simply, you

Secrets The IRS Does Not Want You To Know

TweetShareSharePin0 Shares Secrets The IRS Does Not Want You To Know Source: Flickr For average Americans, taxes are the single largest bill they will pay. Almost 40% of every working person’s wages go to taxes: that’s more than most people pay in utilities, rent, car loans, or education expenses. And while the burden of most

Republican Study Committee Budget: Tax Policy Ideas

TweetShareSharePin0 Shares While much of the tax policy now under debate aims to increase the tax burden on businesses, several policies in the newly released Republican Study Committee (RSC) budget for Fiscal Year 2022 focus on reducing the tax code’s barriers to investment and saving. The RSC budget contains many possible tax reforms, but two

State & Local Property Tax Collections per Capita

TweetShareSharePin0 Shares Property taxes are an important source of revenue for local and state governments. In fiscal year (FY) 2018 (the most recent year of data available), property taxes generated 31.1 percent of total U.S. state and local tax collections and 71.7 percent of local tax collections. Local governments rely heavily on property taxes to fund schools, roads, police

Norms, Returns, and Refunds | Tax Policy Center

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

A Comparison of the Tax Burden on Labor in the OECD, 2021

TweetShareSharePin0 Shares Key Findings Average wage earners in the OECD have their take-home pay lowered by two major taxes: individual income and payroll (both employee and employer side). Value-added (VAT) and sales taxes also place a tax burden on take-home pay used for consumption. Before accounting for VAT and sales tax, the average tax burden

Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS

TweetShareSharePin0 Shares Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS Source: Flickr Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable. Tax Credit Amount for Lexus GS 450 Hybrid
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