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federal taxes Archive

How Progressive is the US Tax System?

TweetShareSharePin0 Shares As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code. While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of

House Democrats Pass-Through Business Tax

TweetShareSharePin0 Shares Under the House Democrats’ reconciliation plan, the top tax rate on pass-through business income would exceed 50 percent in most states. Pass-through businesses, such as sole proprietorships, S corporations, and partnerships, make up a majority of businesses and majority of private sector employment in the United States. The owners of these firms pay individual income tax on income derived

$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

One Vote Down, Many More To Go

TweetShareSharePin0 Shares House Ways & Means completes its markup of Chairman Neal’s tax bill. The committee advanced the tax-related section of Democrats’ $3.5 trillion spending package. The bill extends more generous tax credits for low- and middle-income families as well as renewable energy and increases taxes on high-income individuals, large estates, and corporations. The package

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

A Big Bill, A Distributional Analysis

TweetShareSharePin0 Shares Chairman Neal’s tax bill: Big, bold, with hits and misses. TPC’s Howard Gleckman boils the bill down to its essence: It’s big. Really big. He outlines some hits and misses, like increased IRS enforcement funding (a hit) and the 3 percentage point surtax on income over $5 million, in addition to a new

EU To Table A Digital Tax Proposal In October

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 15 September 2021 The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world’s largest firms. The pledge was made after members of the European Parliament
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