federal taxes Archive

Biden GILTI Tax Burden Would Exceed Proposed 28% Corporate Rate
July 15, 2021
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TweetShareSharePin0 Shares The Biden administration has proposed to significantly increase the tax burden on foreign income through a policy known as Global Intangible Low-Tax Income (GILTI). While the administration’s rhetoric focuses on doubling the tax rate on GILTI from 10.5 percent to 21 percent, this is less than half the story. The rate on GILTI

2021 State Income Tax Cuts
July 15, 2021
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TweetShareSharePin0 Shares Trend: States Reform Income Taxes To Provide Relief And Remain Competitive Key Findings As states close their books for fiscal year 2021, many have much more revenue on hand than they anticipated last year. In 2021, 11 states have enacted laws to reduce their income tax rates, with 10 reducing individual income tax

Wealth Inequality Estimates Likely Overstated, New Research Suggests
July 15, 2021
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TweetShareSharePin0 Shares Some of President Biden’s tax proposals, such as taxing unrealized capital gains at death, are specifically aimed at reducing wealth inequality. Indeed, it is commonly asserted that wealth inequality is too high and rapidly growing over time. However, new research from Federal Reserve Bank of Boston economists suggests wealth inequality has grown less
Budget Talks, Tax Collections, And A Billionaire’s Lawsuit
July 15, 2021
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TweetShareSharePin0 Shares Details slowly emerge on the Democrats’ budget plan. Senate Democratic leaders agreed to a $3.5 trillion top line for the budget that would carry a broad range of social programs. President Biden pitched the plan on Capitol Hill yesterday. Bernie Sanders helped draft it and centrist Joe Manchin says he’s willing to consider

Thin-Cap Rules in Europe, 2021
July 15, 2021
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TweetShareSharePin0 Shares Thin capitalization occurs when companies finance investments and operations through a level of debt far higher than their level of equity. High-tax countries create an incentive for companies to finance investments with debt because interest payments are tax-deductible, while the costs associated with equity financing are most often not. Some multinational corporations take
The Credit Card Debt Termination Scam
July 15, 2021
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TweetShareSharePin0 SharesThe “Credit Card Debt Termination” Scam “Legally terminate credit card debt! You can be debt-free in 4-6 months!” Advertisements like this are for a new type of program that has spread via the Internet over the past few years. It’s called “Credit Card Debt Termination,” and victims are paying up to $3,500 for this
Important Facts About Saving Bonds
July 14, 2021
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TweetShareSharePin0 SharesImportant Facts About Saving Bonds Unlike traditional bonds, saving bonds are not subject to the ups and downs of the stock market. Savings bonds are low risk, government-backed bonds with guaranteed rates of interest. There is a tax advantage to savings bonds because the owner may be able to partially or completely exclude their

Schumer’s Proposal to Deschedule and Tax Marijuana
July 14, 2021
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TweetShareSharePin0 Shares Today, Senate Majority Leader Chuck Schumer (D), Senate Finance Committee Chairman Ron Wyden (D), and Sen. Cory Booker (D) released their discussion draft—the Cannabis Administration and Opportunity Act—for federal descheduling of marijuana. While federal descheduling impacts all states, it does not deschedule marijuana in states which choose to keep their own ban. Nevertheless,
Paying for Partisanship? | Tax Policy Center
July 14, 2021
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TweetShareSharePin0 Shares Sen. Manchin on infrastructure: Everything should be paid for. The West Virginia Democrat told reporters that “we’ve put enough free money out.” He won’t publicly commit to a top line number for an “inevitable” Democratic-only bill to complement a traditional infrastructure-only measure but said he’d vote for something between $1 trillion and $2
No New Digital Tax in Europe, For Now.
July 13, 2021
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TweetShareSharePin0 Shares EU will delay its digital tax. European Commission spokesman Daniel Ferrie told reporters that the European Union’s will delay its new digital levy at least until the fall. The EU had planned to impose it later this month but wants to clear a path for a global 15 percent corporate minimum tax. One