Treasury Department Archive
Progress On A Global Corporate Tax Rate?
May 25, 2021
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TweetShareSharePin0 Shares Will there be a global deal on corporate taxation of multinationals later this year? The Financial Times reports that Group of Seven countries is closing in on an agreement. France, Germany and Italy think the US offer of a15 percent global minimum tax could set the stage for an international deal by July.
State Taxation of GILTI: Impact of Biden Tax Proposals
May 25, 2021
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TweetShareSharePin0 Shares Key Findings Twenty states and the District of Columbia tax some portion of Global Intangible Low-Taxed Income (GILTI), although only 16 of those states have issued guidance on the matter more than three years after the federal law went into effect. States that have not yet issued guidance on their treatment of
Biden Looks To Deal on Infrastructure and The Corporate Minimum Tax
May 24, 2021
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TweetShare1SharePin1 Shares Scaling back infrastructure. In an effort to woo GOP support, President Biden offered to scale back his infrastructure bill from about $2.2 trillion to about $1.7 trillion. But Republicans say they won’t accept such a plan. Biden said he’d trim some increases in traditional infrastructure spending. Senate Republicans, who have proposed about $568
Reviewing the Impact of Taxes on Economic Growth
May 21, 2021
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TweetShare1SharePin1 Shares With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes impact economic growth. In 2012, we published a review of the evidence, noting that most studies find negative impacts. However, many papers have been written since, some using more sophisticated empirical methods to identify
Growing Gaps, Climate-friendly Contrails, and Stunning Surpluses
May 21, 2021
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TweetShare1SharePin1 Shares Treasury: New proposals to close a tax gap of $600 billion in 2019. Treasury estimated the gap between taxes owed and taxes paid on time was about $600 billion in 2019, and could total $7 trillion over a decade. To close the gap, it proposed several additional initiatives including giving IRS funds to
TPC Compares President Biden’s Tax Agenda With Candidate Biden’s: Where It Differs and Where It Tracks
May 21, 2021
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TweetShare1SharePin1 Shares When Joe Biden ran for president, his campaign platform included dozens of relatively specific tax proposals. They ranged from expanding refundable tax credits for low- and moderate-income households to increasing payroll taxes for high-income workers to major changes in the way the US would tax multinational corporations. And, with a few notable exceptions,
Action Or Inaction, Taxes May Have Only One Way to Go
May 20, 2021
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TweetShare1SharePin12 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans
Action Or Inaction, Taxes May Have Only One Way to Go
May 20, 2021
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TweetShareSharePin0 Shares “Raise ‘em now, we’ll cut ‘em later when we’re back in power.” That’s the message from congressional Republicans to their Democratic colleagues. NBC News looks at the positioning. Republicans already are attacking Democrats in swing districts for wanting to raise taxes and for backing new funding for IRS enforcement (even though many Republicans
President Biden & Vice President Harris Have Released Their Tax Returns
May 20, 2021
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Republican Study Committee Budget: Tax Policy Ideas
May 19, 2021
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TweetShareSharePin0 Shares While much of the tax policy now under debate aims to increase the tax burden on businesses, several policies in the newly released Republican Study Committee (RSC) budget for Fiscal Year 2022 focus on reducing the tax code’s barriers to investment and saving. The RSC budget contains many possible tax reforms, but two
