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Treasury Department Archive

State Net Operating Loss Provisions

TweetShareSharePin0 Shares Key Findings Well-designed Net Operating Loss (NOL) provisions benefit the economy by smoothing business income, which mitigates entrepreneurial risk and helps firms survive economic downturns. Forgoing tax revenue in the short term affords businesses the opportunity to prioritize human and physical capital investment. Start-ups and industries with profits highly correlated to the business

More COVID Funding and More Untaxed Income

TweetShareSharePin0 Shares More pandemic aid? House Majority Leader Steny Hoyer told reporters the Biden administration plans to ask for “substantial” federal funding for testing, vaccines, and schools to address the continuing pandemic. House Appropriations Chair Rosa DeLauro said “We’ll take a look at that and see how that fits with an omnibus” fiscal 2022 spending

More COVID Funding and More Untaxed Income

TweetShareSharePin0 Shares More pandemic aid? House Majority Leader Steny Hoyer told reporters the Biden administration plans to ask for “substantial” federal funding for testing, vaccines, and schools to address the continuing pandemic. House Appropriations Chair Rosa DeLauro said “We’ll take a look at that and see how that fits with an omnibus” fiscal 2022 spending

More COVID Funding and More Untaxed Income

TweetShareSharePin0 Shares More pandemic aid? House Majority Leader Steny Hoyer told reporters the Biden administration plans to ask for “substantial” federal funding for testing, vaccines, and schools to address the continuing pandemic. House Appropriations Chair Rosa DeLauro said “We’ll take a look at that and see how that fits with an omnibus” fiscal 2022 spending

What If Congress Made The Child Tax Credit Taxable?

TweetShareSharePin0 Shares As my colleague Elaine Maag noted the other day, Democrats are squabbling again (or is it still) over how to structure the Child Tax Credit. Some want to be sure that very low-income households get the full credit. Others want to reduce or even eliminate benefits for higher-income households.   Many solutions to

Understanding How the United States Fails to Tax So Much Business Income

TweetShareSharePin0 Shares Over the past three decades, the United States has gone from taxing roughly half of closely held business (that is, firms other than corporations) and investment income to taxing less than a third, our new analysis has found.    Rather than using published IRS Statistics of Income (SOI) reports on aggregate incomes shown

January 2022 Spanish language podcast, Justicia ImPositiva: La economía mundial en 2022 y la piratería marítima de los 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: La economía mundial en 2022 ¿Qué pasará

A New Analysis Shows How Much Business Income Goes Untaxed

TweetShareSharePin0 Shares In a new paper, we show that more than half of the income generated by closely held businesses (that is, firms other than corporations) goes untaxed. Addressing this gap could yield substantial revenue gains in addition to allowing policymakers to tax the wealthy more effectively, a frequently repeated though so far often elusive

Two More Weeks Until Tax Season

TweetShareSharePin0 Shares IRS: This year’s tax season will be… challenging.  Filing season officially opens Jan. 24 and taxpayers will have until April 18 to file. But be prepared to wait for your refund. IRS officials warn services could be delayed due to the ongoing pandemic and budget constraints. And the agency says electronic filing  with

Comparing Cross-Border Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Today’s map looks at how European OECD countries rank on cross-border tax rules and is the last in our series examining each of the five components of our International Tax Competitiveness Index (ITCI). Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of
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