tax Archive
Corporate Income (Top Combined Integrated Tax Rate)
May 3, 2021
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TweetShareSharePin0 Shares Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent. First, the federal corporate tax rate would rise to 28 percent, which together with an average of state corporate tax rates would result in a 32.4 percent combined top
SALT Cap Repeal | State and Local Tax Deduction
May 3, 2021
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TweetShareSharePin0 Shares As President Biden’s tax plans are considered in Congress, the future of the $10,000 cap for state and local tax deductions (SALT) is becoming an important part of the tax debate. Certain members of the House and Senate want the SALT deduction cap removed, which would benefit primarily higher earners—and result in a
Biden’s Effort to Close the Tax Gap Is Well-Intentioned but Flawed
May 3, 2021
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TweetShareSharePin0 Shares In his American Families Plan, President Biden unveiled a tax compliance initiative aimed at closing the gap between taxes that are owed and what are paid. Most of the anticipated revenue, which the Administration estimated at $460 billion over 10 years, would come from requiring financial institutions to report account information that Treasury
How Stable is Cigarette Tax Revenue? | Cigarette Taxes
May 3, 2021
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TweetShareSharePin0 Shares May 3, 2021 Ulrik Boesen Tom VanAntwerp Ulrik Boesen, Tom VanAntwerp Cigarette excise taxes have been a source of state revenue for decades, and states have long relied on this revenue. Using data from Orzechowski and Walker’s annual compendium The Tax Burden on Tobacco, this web tool shows how cigarette tax revenues have changed between 1955
Will Biden’s Plan to Reduce the Tax Gap by Increasing the IRS’s Budget Raise $300 Billion?
May 3, 2021
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TweetShareSharePin0 Shares I—among many others—have called for more money for the Internal Revenue Service to enable it to collect even more money owed to the US Treasury. And I still was stunned by the enormity of President Biden’s proposal to boost the IRS’s budget by $80 billion over the next decade: an increase of more
The Tax Justice Network’s French podcast: 63% des dépenses budgétaires contre la Covid-19 ont bénéficié à de riches entreprises #27
May 3, 2021
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TweetShareSharePin0 Shares Pour cette 27ème édition du podcast francophone édition de votre podcast en français Impôts et Justice Sociale avec Idriss Linge: que vous propose Tax Justice Network, nous revenons sur rapport publié par le Financial Transparency Coalition, avec le concours de plusieurs ONG internationales, dont Tax Justice Network Africa. Le document renseigne de ce qu’une part
End of the Line for Paresky
May 3, 2021
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TweetShareSharePin0 Shares Guest blogger Bob Probasco returns today with perhaps his final update on the Paresky case. Christine Nothing about the decision was really surprising. The contrary decision in E.W. Scripps Co. v. United States, 420 F.3d 589 (6th Cir. 2005) was always a strained interpretation of the jurisdictional statutes, and the trend has been
Options to Raise Tax Revenue | Tax Policy Trade-offs
May 3, 2021
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TweetShareSharePin0 Shares As 17th century French finance minister Jean-Baptiste Colbert once said, “Taxation is the art of plucking the goose as to obtain the maximum number of feathers, with the smallest possible amount of hissing.” In Tax Foundation’s new book, Options for Reforming America’s Tax Code 2.0, we modeled 70 possible reforms to the U.S.
Talks, Avoidance, and Details | Tax Policy Center
May 3, 2021
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TweetShareSharePin0 Shares ISO: A bipartisan infrastructure bill. The Washington Post reports that the White House is looking at ways to negotiate a compromise measure with a group of moderate Republicans. There is a wide gulf between the president’s $2.2 trillion plan, which includes significant tax hikes on corporations, and a $568 billion framework with no
Biden’s First 100 Days: Taxes & Tax Policy
April 30, 2021
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TweetShareSharePin0 Shares In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. While proposing ways to pay for new spending and for
