tax Archive
Tax Collection & Taxpayer Rights in the Post-COVID World
March 31, 2022
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TweetShareSharePin0 Shares On May 18-20, 2022, the Center for Taxpayer Rights will be convening the 7th International Conference on Taxpayer Rights, once again in a virtual online format. We are very excited about this year’s conference, which will focus on an under-studied area of tax administration, namely the actual collection of tax. I have always
The Many Ways To Tax The Rich
March 31, 2022
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TweetShareSharePin0 Shares How to tax the rich? Let us count the ways. New taxes on capital income? Higher income tax rates? A wealth tax? Some mash-up of all these ideas? All aim to raise taxes on the very rich, driven by the twin desires to boost revenue and address growing wealth inequality. But while these
Biden Budget Tax Plan Raises Tax Rates to Highest in Developed World
March 31, 2022
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TweetShareSharePin0 Shares President Biden’s budget came out this week with a very sensible message about the need for stronger economic growth and sound fiscal policy: “Critically, my Budget would also keep our Nation on a sound fiscal course. It fights inflation and helps families deal with rising costs by growing our economy, making more goods
Sustainable Tax Reform a Win for Mississippians
March 30, 2022
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TweetShareSharePin0 Shares Mississippi lawmakers entered the 2022 legislative session with the motivation and resources to implement income tax reductions and, despite stark contrasts in approach, concluded by delivering meaningful relief for taxpayers. The Mississippi Tax Freedom Act of 2022 (HB 531) began the session as an effort to totally repeal the individual income tax, a
Biden Minimum Tax on Billionaires Unrealized Capital Gains
March 30, 2022
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TweetShareSharePin0 Shares This week, President Biden introduced a new tax proposal as part of the White House fiscal year 2023 budget to raise taxes on households with net wealth over $100 million. The proposal would require wealthy households to remit taxes on unrealized capital gains from assets such as stocks, bonds, or privately held companies.
‘SECURE 2.0’ would further expand retirement savings options
March 30, 2022
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TweetShareSharePin0 Shares An eventual extension to 75 as the age by which retirees must withdraw required minimum distributions (RMDs) from requirement accounts and automatic enrollment of workers in employer plans are among the many ways a bill that has passed the House would expand coverage and use of tax-favored retirement savings. The Securing a Strong
Colorado Flavored Tobacco Ban Tax Analysis
March 30, 2022
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TweetShareSharePin0 Shares A bill that would prohibit the sale of flavored tobacco and nicotine products, HB22-1064, is moving through the Colorado legislature, which undoubtedly would have a significant impact on the revenue from taxes levied on those products. Flavored tobacco and nicotine products make up a significant portion of the market: over 20 percent of
Challenging Levy Compliance
March 30, 2022
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TweetShareSharePin0 Shares The IRS regularly issues levies to banks and to employers. Taxpayers subject to the levy have almost no way to stop the levy by suing the party receiving the levy. Similarly, the party receiving the levy has almost no way to avoid making payment on the levy without running into trouble. We have
Billionaire minimum tax could pose difficulties
March 29, 2022
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TweetShareSharePin0 Shares The so-called billionaire minimum tax contained in President Joe Biden’s fiscal year 2023 budget proposal rests on novel and largely untested premises and tax principles, some tax experts said Tuesday. The minimum tax was described in the president’s budget as necessary to counterbalance wealthy taxpayers’ ability to reduce their tax rates below those
Are Tax Rebates a Good Way to Provide Tax Relief from Rising Prices?
March 29, 2022
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TweetShareSharePin0 Shares States are flush with cash, but taxpayers’ purchasing power is being eroded by high inflation. It’s unsurprising that many policymakers have jumped at the chance to apply surpluses to meet the genuine needs of many residents—but good intentions do not always make for good policy. Tax rebates, gas tax holidays, and other temporary
