Treasury Department Archive

TweetShareSharePin0 Shares The latest version of the Biden Build Back Better agenda, released last week by the House Ways and Means committee (see our estimates of the budgetary, economic, and distributional impacts), is dense, with too many provisions to flesh out completely. Here’s a rundown of the good, the bad, and the ugly of it.

TweetShareSharePin0 Shares Much has been written about the House Democrats’ proposal to increase tobacco and nicotine products taxes over the last week. The proposal, which would double the tax on cigarettes while taxing every other tobacco and nicotine product at comparable rates, would have significant implications on the availability of non-cigarette tobacco products. And the

TweetShareSharePin0 Shares Expect House action this week on the debt ceiling and government funding. But how? On Friday, Majority Leader Steny Hoyer said the House will vote this week on the debt limit and on a continuing resolution to fund the government to mid-December. The House could roll them into a single bill. But in

TweetShareSharePin0 Shares   International Tax Law, Immigration & Offshore Disclosure International Tax Law, Immigration & Offshore Disclosure International Tax Law & Immigration: Oftentimes, foreign individuals who are considered US Persons randomly stumble upon the fact that they are subject to IRS tax and offshore reporting requirements. This news can come as a big (and unwelcome)

TweetShareSharePin0 Shares Under the House Democrats’ reconciliation plan, the top tax rate on pass-through business income would exceed 50 percent in most states. Pass-through businesses, such as sole proprietorships, S corporations, and partnerships, make up a majority of businesses and majority of private sector employment in the United States. The owners of these firms pay individual income tax on income derived

TweetShareSharePin0 Shares The International Tax Competitiveness Index has been used to compare the tax systems of OECD countries since 2014. At that time, the United States ranked 28th out of 36 countries in the Index. Following the 2017 tax reform, the rank improved dramatically, to 20th, and the U.S. now ranks 21st. The legislation put

TweetShareSharePin0 Shares House Ways & Means completes its markup of Chairman Neal’s tax bill. The committee advanced the tax-related section of Democrats’ $3.5 trillion spending package. The bill extends more generous tax credits for low- and middle-income families as well as renewable energy and increases taxes on high-income individuals, large estates, and corporations. The package