federal taxes Archive
Shutdown Deadline Looms While Congress Continues Negotiations
December 12, 2022
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TweetShareSharePin0 Shares Congress will likely need more time after the Dec. 16 deadline. Expect a very short-term continuing resolution to keep the government open, likely until Dec. 23. Democrats say they’ll release a new funding plan this week but the GOP is unlikely to back it. Sen. Chris Van Hollen says Democrats would push for
Congress Struggles to Make a Deal, Child Tax Credit Hopes Fade
December 12, 2022
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TweetShareSharePin0 Shares Despite early optimism during the ongoing lame-duck session, Congressional lawmakers are struggling to make a deal that would extend the expanded child tax credit. Credit: Siri Stafford/Getty Images Last month, several Senators seemed confident that the GOP would cut a deal with Democrats to revive the expanded child tax credit (CTC), which was part of
Neurosurgeon Sentenced to Federal Prison Following IRS Investigation
December 12, 2022
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TweetShareSharePin0 Shares A California neurosurgeon has been sentenced to 60 months in federal prison following an investigation by the IRS Criminal Investigation division and other agencies. Credit: Pramote Polyamate/Getty Images San Diego resident Lokesh S. Tantuwaya accepted approximately $3.3 million in bribes while working at a now-defunct Long Beach hospital whose owner has also been imprisoned for
Measuring Success At The IRS
December 9, 2022
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TweetShareSharePin0 Shares How do we know if the IRS is spending its new $80 billion wisely? Hint: It won’t be easy. TPC’s Janet Holtzblatt concludes that some of the easiest-to-measure metrics, such as the number of audits or answered phone calls, or changes in the size of the tax gap, might not be the best
Senate Finance Committee Probes Biotech Firm That Owed IRS $10.7 Billion
December 9, 2022
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TweetShareSharePin0 Shares Senator Ron Wyden (D-OR) and his Senate Finance Committee have sent a letter to Amgen CEO Robert Bradway requesting details about his firm’s tax practices. Credit: Kevin Dietsch/Getty Images Wyden has recently been focused on probing how “Big Pharma” and biotech companies in the United States lower their tax liability via the use
Congress Could Save the Day for More Savers (Not Just The Wealthy Ones)
December 9, 2022
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TweetShareSharePin0 Shares Have you seen the new movie Spirited, the musical take on Charles Dickens’s A Christmas Carol? In the film, the Ghost of Christmas Present shows it’s possible to redeem the irredeemable. They just have to choose to “do a little good” and “give a little more” because “a little is enough.” The movie
Family Security Act 2.0 Child Allowance Would Help Families with Kids, with Drawbacks for Single Parents
December 8, 2022
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TweetShareSharePin0 Shares The Family Security Act 2.0 (FSA 2.0) framework introduced this past June by Senators Mitt Romney (R-UT), Steve Daines (R-MT), and Richard Burr (R-NC) emerged as negotiations over extending the 2021 expanded child tax credit stalled. While FSA 2.0 would leave many families better off, others – particularly single parents – could actually
How Will Congress Assess The Success Of Its $80 Billion Investment In The IRS?
December 8, 2022
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TweetShareSharePin0 Shares How will we know whether the Inflation Reduction Act’s $80 billion ten-year investment in the Internal Revenue Service is successful? Unfortunately, measuring performance isn’t easy, and Congress has left it to the Executive Branch to define success. At a recent Tax Policy Center event, three former IRS commissioners and three top officials from
A Correction, Surpluses and “Donations”
December 8, 2022
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TweetShareSharePin0 Shares TPC corrects its analysis of lame duck tax proposals. Source link TweetShareSharePin0 Shares
Chile Tax Reform Heads in the Wrong Direction
December 8, 2022
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TweetShareSharePin0 Shares The Tax Foundation recently released the 2022 International Tax Competitiveness Index (ITCI), measuring the complexity and neutrality of countries’ tax systems. Over the years, Chile has consistently remained in the lower half of the Index’s rankings, and in the 2022 version of the Index, Chile fell from 26th to 27th (out of 38
