Treasury Department Archive

Massachusetts Gross Receipts Tax Proposal

TweetShareSharePin0 Shares The economic harms of the gross receipts tax (GRT) were well understood by the early 20th century. Not only is the tax inequitable, but it is also inefficient and distortionary. That is why most states abandoned GRTs in the early 1900s, as states developed the capacity to administer less harmful taxes. Unfortunately, some

Remembering Don Lubick | Tax Policy Center

TweetShareSharePin0 Shares Don Lubick, who passed away yesterday at age 95, was an extraordinary public servant who was among the last living links to the beginnings of modern tax policy. I do not believe anyone served longer in senior Treasury tax policy positions than Don. Remarkably, he began his government career in the Kennedy Administration

Michigan Income Tax Reform Would Put State in Top 10

TweetShareSharePin0 Shares Amid record surpluses, Michigan lawmakers are looking to give relief to taxpayers and enhance the state’s competitive standing. Senate Bill 786, which recently reported from committee, would reduce both the corporate and individual income tax rates to 3.9 percent as of January 1, 2022. It would also create a tax credit of $500

Another CR, CTC News, Don Lubick Dies

TweetShareSharePin0 Shares House passes stopgap spending measure. The House passed the measure to keep the government open through March 11. The bill now goes to the Senate.  White House urges parents to file their 1040s quickly to collect child tax credits. There is roughly $193 billion waiting for families eligible for remaining expanded child tax

Top Personal Income Tax Rates in Europe, 2022

TweetShareSharePin0 Shares Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest income tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top statutory personal income tax rate applies to the share of income

Heading For A Third Stopgap Funding Bill

TweetShareSharePin0 Shares How long will this one last? The House has passed 9 of the 12 appropriations bills needed to fund the government for the fiscal year that began last October, but the Senate has approved none. The top Republican on the Senate Appropriations Committee, Richard Shelby, says a third stopgap measure may be needed
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