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Treasury Department Archive

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

Are Federal Taxes Progressive? | Taxes & Transfers

TweetShareSharePin0 Shares The Joint Committee on Taxation (JCT) recently released data on taxes paid at various levels of income, indicating the federal tax system is progressive, consistent with similar analysis by the Congressional Budget Office (CBO), and the Organisation for Economic Co-operation and Development (OECD). The JCT found that the bottom 50 percent of taxpayers

A Budget In Two Week; Tracking Pandemic Relief Dollars

TweetShareSharePin0 Shares White House will release its budget on  May 27. President Biden will release his full 2022 budget two weeks from now. It will include projections for mandatory spending such as Social Security, Medicare, and Medicaid as well as more details on discretionary spending and tax proposals. It’s expected to unify his $1.5 trillion

A Budget In Two Weeks; Tracking Pandemic Relief Dollars

TweetShareSharePin0 Shares White House will release its budget on  May 27. President Biden will release his full 2022 budget two weeks from now. It will include projections for mandatory spending such as Social Security, Medicare, and Medicaid as well as more details on discretionary spending and tax proposals. It’s expected to unify his $1.5 trillion

Treasury Will Allow States to Take ARP Funds and Cut Taxes, With Some Guardrails

TweetShareSharePin0 Shares On Monday, the U.S. Treasury Department released much-anticipated guidance for the American Recovery Plan’s (ARP) $350 billion in direct state and local aid, including details on how it will implement the law’s restriction on using ARP funds for state tax cuts. Treasury’s rules give states plenty of flexibility. But there are limits, and

How Existing Budgetary Commitments Could Affect President Biden’s Domestic Policy Goals

TweetShareSharePin0 Shares The COVID-19 pandemic and accompanying recession laid bare many of the needs of working families and children, as well as federal, state, and local governments’ historic inattention to public health needs and preventative health care. In 2020, Congress responded by enacting approximately $3.5 trillion in economic relief bills. So far this year, it

Business Tax Lessons from Down Under

TweetShareSharePin0 Shares This week the Australian government released its latest budget proposal and two policies that stand out in its fiscal response to the pandemic should be helpful as the economic engine of the country turns back on. The first is full expensing for some investments and the second is the introduction of a loss

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