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Income Archive

Biden Would Raise Taxes Substantially for High Income Households and Corporations, Cut Taxes for Families with Children, According to A New TPC Analysis

TweetShareSharePin0 Shares Nearly all of President Biden’s proposed tax increases would be borne by the highest income 1 percent of households–those making about $800,000 or more—according to a new analysis by the Tax Policy Center. At the same time, Biden would cut taxes for many low- and moderate-income households and reduce them substantially for those

Some Corporations Pay Zero Federal Income Taxes

TweetShareSharePin22 Shares President Biden has privately pitched dropping his proposed 28 percent corporate tax rate from an infrastructure package and funding it through his proposed minimum tax on corporate book income. However, the proposal for a minimum book tax misunderstands the important reasons why a corporation may not owe federal tax liability in a given

Biden Child Tax Credit Changes and More Head Sniffin’

TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond

Ohio Budget Proposals: Ohio Income Tax Reform

TweetShareSharePin0 Shares Ohio is one of a growing number of states which experienced revenue increases despite the economic slowdown from the coronavirus pandemic and is now looking to return some of that through tax relief. (See analysis of Arizona, Kansas, Louisiana, Montana, and Oklahoma). The question for Ohio legislators is, how best to do that?

Montana Adopts Individual and Corporate Income Tax Reform

TweetShareSharePin0 Shares Montana adopted structural reforms to both individual and corporate income taxes during the recently adjourned legislative session, enacting three bills reducing individual tax rates, simplifying the state’s individual tax system, repealing 16 tax credits, and changing the apportionment factor for corporate income tax. This tax reform package, signed by Gov. Greg Gianforte (R)

Arizona Legislators Consider Lower, Flatter Income Tax

TweetShareSharePin0 Shares Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023,

Donor Disclosures, Income Measures, and Tax Prep

TweetShareSharePin0 Shares ISO: Funds to pay for infrastructure. Democrats and Republicans have been at loggerheads for weeks over how to pay for Biden’s big infrastructure bill, or some version of it. Democrats want to raise corporate taxes. Republicans say they want to raise unspecified user fees. Now a bipartisan group of eight senators is floating
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