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Treasury Department Archive

The Good, the Bad, and the Ugly

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.

Federal Tobacco Tax Proposal May Result in 50% Increase in State Taxes

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

Streamlined Domestic Offshore Procedures: How to Apply 2021

TweetShareSharePin0 Shares Streamlined Domestic Offshore Procedures Streamlined Domestic Offshore Procedures (IRS) Streamlined Domestic Offshore Procedures: Since the IRS both closed OVDP (2018) and ended DIIRSP (2020), the big question is whether Streamlined may be next up on the chopping block. The Streamlined Procedures are a great offshore disclosure program. In 2014, the IRS developed the

How Does OVDP Willfulness Impact Citizenship (I-485 & N-400)?

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)

How Progressive is the US Tax System?

TweetShareSharePin0 Shares As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code. While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of

House Democrats Pass-Through Business Tax

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

$3.5 Trillion Budget Reconciliation Bill

TweetShareSharePin0 Shares Preliminary Revenue and Economic Estimates Revenue (Trillions) Long-run GDP Wages FTE Jobs Source: Tax Foundation Taxes and Growth Model, September 2021. Democratic lawmakers on the House Ways and Means Committee have advanced legislation containing the tax elements of President Biden’s Build Back Better agenda. The draft legislation could be modified by the House

One Vote Down, Many More To Go

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
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