Treasury Department Archive

State Debt, State Revenue, and State Tax Collections

TweetShareSharePin0 Shares How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax

A Budget, and Shifting (Gas Tax) Holiday Plans

TweetShareSharePin0 Shares Biden’s FY 2023 budget includes new IRS funding. Besides President Biden’s proposed minimum tax for wealthy households, his revenue proposals largely rehash earlier ideas. However, the plan includes $20.5 billion in funding for Treasury’s domestic and international programs, including $14.1 billion for the IRS, an increase of about $800 billion or 18 percent

EU Tax Trends: Analyzing Recent EU Reforms

TweetShareSharePin0 Shares In recent years, EU countries have undertaken a series of tax reforms designed to maintain tax revenue levels while supporting investment and economic growth. In general, tax reforms focused on reducing individual and corporate income tax rates while increasing environmental or wealth taxes. However, as summarized here, not all tax reforms were created

A Minimum Tax On The Super Wealthy?

TweetShareSharePin0 Shares President Biden’s budget includes a 20 percent minimum tax on the wealthy. Under his plan due to be released today, households with a net worth exceeding $100 million would face a 20 minimum tax on income, including unrealized capital gains. Individuals who already pay an effective income tax rate of 20 percent would

How Do Tax Increases Turn Into Tax Cuts?

TweetShareSharePin0 Shares Turning tax increases into tax cuts? TPC’s Howard Gleckman tracks the journey. President Biden and congressional Democrats once placed trillions of dollars in tax increases on corporations and high-income households at the top of their legislative agenda. But Howard reports, “They’ve been replaced by, of all things, talk of billions of dollars of

Investment in American Workers and Supply Chains

TweetShareSharePin0 Shares While much of Washington is focused on negotiations over a government spending bill on competitiveness with China, Reps. Jackie Walorski (R-IN) and Jim Banks (R-IN) introduced a commonsense policy to boost U.S. competitiveness. The Renewing Investment in American Workers and Supply Chains Act would improve the tax treatment of investments in structures, such

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