federal taxes Archive

TweetShareSharePin0 Shares House Democrats’ newly released $3.5 trillion tax legislation includes a tax increase on tobacco, nicotine, and vapor products levied on tobacco manufacturers. But ultimately it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase. According to the Joint

TweetShareSharePin0 Shares Ways & Means Democrats release their tax plan. The 645-page committee draft includes scores of tax breaks, including extending most of this year’s expansions of refundable tax credits through 2025 while making refundability of the Child Tax Credit permanent and extending or increasing a long list of alternative energy tax breaks. Separately, Chair

TweetShareSharePin0 SharesIndustry Tax Issue Resolution Program For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Industry Issue Resolution Program After years of living in denial, the IRS has come around to admitting tax

TweetShareSharePin0 SharesDo You Need Life Insurance It can be very difficult to decide if you need life insurance. Life insurance can be an extremely onerous financial commitment and investment, and it will also last for a considerable period of time, so you should take careful consideration in deciding if it is the best way of

TweetShareSharePin0 Shares As Congress debates whether to extend the major, but temporary, changes to the Child Tax Credit (CTC) it adopted earlier this year, a crucial question is whether it should keep the credit fully refundable. A new Tax Policy Center analysis finds that, for low-income families, full refundability is a key element of the

TweetShareSharePin0 Shares When Congress debates major legislation, the public often focuses on a single narrow issue—one frequently irrelevant to the main point of the bill. It happened when the Senate debated the $1 trillion infrastructure measure last month: Many paid outsized attention to tax reporting for cryptocurrency, a proposal that would have funded less than

TweetShareSharePin0 Shares “If churches paid taxes,” runs a popular claim on social media (hashtag #taxthechurches), “everyone would only have to pay 3 percent taxes.” Other claims put the forgone tax revenue haul at $76 billion or $85 billion, oddly specific figures conspicuously lacking a meaningful citation. Whether spurred by a belief that government is improperly