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Norms, Returns, and Refunds | Tax Policy Center

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

A Comparison of the Tax Burden on Labor in the OECD, 2021

TweetShareSharePin0 Shares Key Findings Average wage earners in the OECD have their take-home pay lowered by two major taxes: individual income and payroll (both employee and employer side). Value-added (VAT) and sales taxes also place a tax burden on take-home pay used for consumption. Before accounting for VAT and sales tax, the average tax burden

How nonfilers can claim advance child tax credit payments

TweetShareSharePin0 Shares In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process

Further Initial Thoughts on CIC Services

TweetShareSharePin0 Shares In this brief post and following on Professor Bryan Camp’s discussion, I offer some initial observations on the Supreme Court’s CIC Services opinion.  As Keith noted in his introduction to Bryan’s post, I am not disinterested in this issue-with the Harvard Clinic and on behalf of the Center for Taxpayer Rights I helped

Payments, Patriots, and Pot | Tax Policy Center

TweetShareSharePin0 Shares Coming soon: Enhanced and advanced child tax credit payments. Beginning July 15, about 39 million families and over 65 million children will receive enhanced monthly child tax credit payments of $300 for each child under age 6 and $250 for those ages 6 to 17. The benefit will reach 88 percent of children

Africa and the corrosive international tax system

TweetShareSharePin0 Shares By Chenai Mukumba (Tax Justice Network Africa) and Rachel Etter-Phoya (Tax Justice Network) Illicit financial flows punch holes in the public purse across the African continent. Over the past five decades Africa has lost in excess of US$ 1 trillion in illicit financial flows. This amount dwarfed Africa’s receipts of overseas development assistance

Africa and the corrosive international tax system

TweetShareSharePin0 Shares By Chenai Mukumba (Tax Justice Network Africa) and Rachel Etter-Phoya (Tax Justice Network) Illicit financial flows punch holes in the public purse across the African continent. Over the past five decades Africa has lost in excess of US$ 1 trillion in illicit financial flows. This amount dwarfed Africa’s receipts of overseas development assistance

Microcaptive reporting challenge may go forward

TweetShareSharePin0 Shares A lawsuit against the IRS’s requirement that taxpayers using certain microcaptive insurance arrangements and their material advisers must report the arrangement to the IRS is not barred by the Anti-Injunction Act and therefore may proceed, the Supreme Court ruled Monday. In a unanimous decision, the Court in CIC Services, LLC, No. 19-930 (U.S.
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