Treasury Department Archive

Biden’s Budget On The Way, State Gas Tax Holidays Begin

TweetShareSharePin0 Shares Stay tuned… The White House plans to release President Biden’s fiscal year 2023 budget next Monday, March 28. TaxNotes reports (paywall) that the budget likely will propose another double-digit percentage increase for the IRS. Gas taxes go on holiday in two states. Maryland and Georgia have temporarily suspended their gas taxes. Maryland Gov. Larry Hogan

How to improve the EU’s Anti-Money Laundering (AML) Package on beneficial ownership registration

TweetShareSharePin0 Shares This report contains the Tax Justice Network’s proposed amendments to improve the EU’s draft Anti-Money Laundering (AML) Package with regard to beneficial ownership registration.  Introduction On 20 July 2021, the European Commission presented a package of legislative proposals to strengthen the EU’s rules to tackle money laundering and to counter the financing of

EU Carbon Border Adjustment Mechanism (CBAM)

TweetShareSharePin0 Shares The Council of the EU agreed this week on a general approach to the European Commission’s Carbon Border Adjustment Mechanism (CBAM) proposal. The mechanism is a key aspect of the EU’s broader Fit for 55 package which aims to cut 55 percent of net greenhouse gas (GHG) emissions in the EU by 2030.

Made in America? US Manufacturing Tax & Industrial Policy

TweetShareSharePin0 Shares Key Findings Policymakers on both the left and right have brought industrial policy back into focus after slow growth over the past few decades and growing concern over the state of America’s manufacturing sector. In the context of the tax code, industrial policy usually comes in the form of non-neutral subsidies for specific

Rate Hikes, Rate Reductions… | Tax Policy Center

TweetShareSharePin0 Shares Fed raises rates. More coming. The Federal Open Market Committee (FOMC) announced a quarter-point rate increase and signaled six more through 2022. The Fed projects higher inflation and lower growth than it estimated in December.  Has anybody seen a fiscal 2023 budget? House Majority Leader Steny Hoyer says he hopes the White House

What the BEEP? The World Bank is Doing Business again

TweetShareSharePin0 Shares We’ve just submitted to a World Bank consultation on what it is calling its ‘Business Enabling Environment Project’ (BEEP) – which turns out to be an attempt to reheat the Doing Business Indicators before they are even cold in the grave. This ideologically motivated ranking had been used to push country after country

To Stimulate R&D Investment, Stop Penalizing it in the Tax Code

TweetShareSharePin0 Shares In his State of the Union Address, President Biden called for leveling the global research & development (R&D) playing field by increasing federal R&D spending, specifically by asking Congress to pass the bipartisan United States Innovation and Competition Act (USICA). While USICA proposes increasing government investment in R&D, it does not address a
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