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October Surprise, Sort Of | Tax Policy Center

TweetShareSharePin0 Shares We’ll likely hit the debt ceiling on October 18. Treasury Secretary Janet Yellen told Congress yesterday that “It’s uncertain whether we could continue to meet all the nation’s commitments after” October 18. Senate Majority Leader Chuck Schumer attempted to set up a simple-majority bill to suspend the debt ceiling, but Senate Minority Leader

Isle of Man banking data leak reveals how sharing banking data can identify offshore strategies and improve beneficial ownership transparency.

TweetShareSharePin0 Shares Beneficial ownership transparency is a crucial strategy for tackling illicit financial flows. It involves identifying the individuals (natural persons) who ultimately own, control, or benefit from a legal vehicle like a company, trust or partnership. Individuals engaging in illegal or illegitimate activities, however, find it quite easy to hide themselves behind legal vehicles,

History of Step-Up in Basis Shows Perilous Road Ahead

TweetShareSharePin0 Shares As Congress considers President Biden’s proposal to tax unrealized capital gains at death, the history of previous efforts suggests it faces a perilous road ahead. Lawmakers must resolve tricky design and implementation details that derailed past attempts to change how capital gains are treated when assets are passed from one generation to the

TPC: The Ways & Means Reconciliation Bill Would Raise Taxes On High Income Households, Cut Taxes On Average For Nearly Everyone Else

TweetShareSharePin0 Shares All major provisions of the House Ways & Means Committee’s budget reconciliation tax bill would cut 2022 taxes on average for households making $200,000 or less. At the same time, the bill would raise taxes substantially for those making $1 million or more, according to a new analysis by the Tax Policy Center.

House Democrats Tax on Corporate Income: Third-Highest in OECD

TweetShareSharePin0 Shares Under the House Ways and Means tax plan, the United States would tax corporate income at the third-highest integrated tax rate among rich nations, averaging 56.6 percent. The integrated tax rate reflects the two layers of tax that apply to income earned through corporations: the entity-level corporate income tax and the shareholder-level capital

Whose Child Is It Anyway? The Ways & Means Definition Makes It Harder for The IRS To Know

TweetShareSharePin0 Shares To paraphrase Tolstoy, all simple families are alike; each complicated family is complicated in its own way. So when the tax code aims to deliver benefits for kids, expect complexity. But the proposed monthly child tax credit (CTC) in the Ways and Means reconciliation bill reaches new heights. It would extend the expansions

Federal Judge Rules Against American Rescue Plan Tax Cuts Mandate

TweetShareSharePin0 Shares Kentucky and Tennessee won an important legal victory Friday when a federal court ruled that the American Rescue Plan Act (ARPA)’s restrictions on state fiscal autonomy were unconstitutional and enjoined (blocked) the enforcement of those provisions against both states. Specifically, Judge Gregory Van Tatenhove held that the ARPA provision, which limited states’ authority

Which Global Minimum Tax Will We Get?

TweetShareSharePin0 Shares Over the course of the last year, it has become clear that Democratic lawmakers want to change U.S. international tax rules. However, as proposals have surfaced in recent weeks, there are clear divides among various proposals. While President Biden has led a renewed effort on global negotiations over minimum taxation, his own proposals

There’s No Business Like Show Business!

TweetShareSharePin0 Shares Like no business I know: Speaker Pelosi outlines the intense week ahead. The House hopes to pass three major pieces of spending legislation this week: It must approve a  Continuing Resolution (which currently includes an increase in the debt limit) before the government shuts down on Oct 1. The House Democratic leadership also
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