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Treasury Department Archive

February 2022 Spanish language podcast, Justicia ImPositiva: Un mundo sin paraísos fiscales…

TweetShareSharePin0 Shares Welcome to our Spanish language podcast and radio programme Justicia ImPositiva with Marcelo Justo and Marta Nuñez, free to download and broadcast on radio networks across Latin America and Spain. ¡Bienvenidos y bienvenidas a nuestro podcast y programa radiofónico! Escuche por su app de podcast favorita. En este programa con Marcelo Justo y Marta Nuñez: Un

State Income Tax Rates and Brackets, 2022

TweetShareSharePin0 Shares Key Findings Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections in fiscal year 2020, the latest year for which data are available. Forty-two states levy individual income taxes. Forty-one tax wage and salary income, while one state—New Hampshire—exclusively taxes dividend and interest

Sources of US Tax Revenue by Tax Type, 2022

TweetShareSharePin0 Shares Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes create different economic impacts, so policymakers should always consider how tax revenue is raised and not just how much is

The IRS Backlog Is Far Bigger Than Initially Reported

TweetShareSharePin0 Shares Nearly 24 million returns and other correspondence still are waiting at the IRS. The Washington Post reported late last week that the IRS still is processing 23.7 million taxpayer communications from last year, far more than previous public estimates by the agency. The delayed paperwork  includes 9.7 million unprocessed paper returns, 4.1 million

The IRS Backlog Is Far Bigger Than Initially Reported

TweetShareSharePin0 Shares Nearly 24 million returns and other correspondence still are waiting at the IRS. The Washington Post reported late last week that the IRS still is processing 23.7 million taxpayer communications from last year, far more than previous public estimates by the agency. The delayed paperwork  includes 9.7 million unprocessed paper returns, 4.1 million

Alabama Federal Deductibility Issues & Solutions

TweetShareSharePin0 Shares Alabama lawmakers are acting to ensure that federal relief from the American Rescue Plan Act (ARPA) does not increase tax liabilities in the state. Senate Bill 152, which addresses the issue, recently passed and has been referred to the Ways and Means Committee. This unusual issue is a consequence of Alabama offering a

Crypto Tax Challenges Just Keep Growing

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig raised some eyebrows when he singled out the growing popularity of cryptocurrency as a big factor behind the sizeable tax gap—the difference between what the IRS collects versus what taxpayers legally owe. Last year, Congress took modest bipartisan action to address some crypto tax compliance issues in the Infrastructure

Sources of Revenue in the OECD, 2022

TweetShareSharePin0 Shares Developed countries raise tax revenue through a mix of individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes. The mix of tax policies can influence how distortionary or neutral a tax system is. Taxes on income can create more economic harm than taxes on consumption

Another Step Toward A 2022 Spending Bill

TweetShareSharePin0 Shares A top-line agreement on federal spending? Appropriators say they have reached a top-line agreement on a fiscal 2022 funding bill that will allow for more spending on both defense and domestic programs. They still need to turn that very broad agreement into line items. Meanwhile, the House has passed another temporary money bill
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