Treasury Department Archive
Funding Is Unstable and Unsustainable
October 21, 2021
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TweetShareSharePin0 Shares President Biden and congressional Democrats have justified their plan to raise taxes on the rich to fund much of their $3.5 trillion spending by claiming that the tax code is not progressive enough. Yet a recent Joint Committee on Taxation (JCT) analysis of the House Ways and Means tax plan undermines that thesis
Louisiana Election Results: Tax Reform Ballot Measures
October 21, 2021
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TweetShareSharePin0 Shares Elections in Louisiana are always different than in other states due to the two-round majority vote system and, in odd-numbered years, holding the first round of elections on a Saturday in October. This year there is an additional twist, with Hurricane Ida prompting a postponement of Election Day to November 13th. Also notable
Where Are Families Most at Risk of Missing Out on the Expanded Child Tax Credit?
October 21, 2021
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TweetShareSharePin0 Shares The expanded and fully refundable child tax credit (CTC) will lift millions of children out of poverty in 2021. But many very low-income children may be left behind because their parents and guardians neither a filed a tax return in recent years nor claimed economic impact payments provided under COVID-19 relief legislation. How
Democrats Still Aiming For a Framework Tax And Spending Deal By Week’s End?
October 21, 2021
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TweetShareSharePin0 Shares Two steps forward one step back. Democratic leaders continued to work toward a truce between the party’s liberals and moderates. Reportedly, the now-roughly $1.9 trillion bill still would include paid family and medical leave, new Medicare dental, vision, and hearing benefits, alternative energy tax breaks, and a one-year extension of the expanded Child
2021 International Tax Competitiveness Index
October 21, 2021
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TweetShareSharePin0 Shares The 2021 version of the International Tax Competitiveness Index is the eighth edition of that report. Over the years, many different researchers at the Tax Foundation have worked on the report, several new members of the Organisation for Economic Co-operation and Development (OECD) have been added, and various methodological changes have taken place.
Why Progressivity in Tax Policy Is Not A Simple Matter
October 20, 2021
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TweetShareSharePin0 Shares Policymakers and even policy analysts often consider the progressivity of specific proposals independently from the broader systems in which they operate. Consequently, they often leave the public with a misleading impression of how those proposals affect various income groups. Here are four examples of how specific programs might appear to be regressive yet
IRS Reporting Proposal Misses the Mark
October 20, 2021
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TweetShareSharePin0 Shares The Biden administration’s proposal to require financial institutions to report inflows and outflows of more than $600 from bank accounts has attracted significant attention. The Treasury Department believes it could generate $463 billion in revenue over 10 years by giving the IRS more insight into certain types of income that members of the
“Build Back Better” Progress? | Tax Policy Center
October 20, 2021
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TweetShareSharePin0 Shares Democrats may be closing the gap on Build Back Better. After meeting with President Biden yesterday, Democrats showed some signs of narrowing their differences on a major social spending and tax bill. Biden told Democrats he’s aiming for a deal of about $1.75 trillion to $1.9 trillion, far less than the $3.5 trillion
Manchin’s Child Credit Work Requirement and Income Cap Leave Many Questions Unanswered
October 20, 2021
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TweetShareSharePin0 Shares Axios reports that Sen. Joe Manchin (D-W VA), one of the Senate’s key swing votes, wants any extension of the Child Tax Credit (CTC) to include a “firm” work requirement and be limited to parents with “family income” of about $60,000 or less. But that idea raises more questions than it answers. It
What’s Going on with the Child Tax Credit Debate?
October 19, 2021
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TweetShareSharePin0 Shares President Biden expanded and fundamentally changed the Child Tax Credit (CTC) for one year in the American Rescue Plan (ARP) passed in March 2021. Policymakers are now deciding the future of the expansion as part of the proposed reconciliation package, but a wide range of estimates for the effects of a permanent expansion
