Treasury Department Archive

TweetShareSharePin11 Shares  The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would overwhelmingly be wealthy retirees

TweetShareSharePin0 Shares Don’t expect data centers to blossom in the plains of Kansas: a new data center’s effective tax rate in the state is 21 times what would be paid by a new manufacturer with similar profits. In the median state, that data center would face only one-quarter the tax burden it does in Kansas.

TweetShareSharePin0 Shares Tax incentives can encourage action that supports the public good—like lifting children out of poverty, giving to charity, pursuing higher education, or using alternatives to fossil fuels.  How about helping end a global pandemic? COVID-19 has weakened economies and killed more than 3.1 million people worldwide, with over 575,000 deaths in the US

TweetShareSharePin0 Shares Note: A landmark comparison of corporate tax costs in all 50 states, Location Matters calculates and analyzes the tax burdens of eight model firms: a corporate headquarters, a research and development facility, a technology center, a data center, a shared services center, a distribution center, a capital-intensive manufacturer, and a labor-intensive manufacturer. Each

TweetShareSharePin0 Shares Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent. Including state corporate taxes, a 25 percent federal corporate income tax rate would result in a combined average top corporate tax

TweetShareSharePin0 Shares McConnell: No to $4 trillion but maybe yes to $600 billion. Source link TweetShareSharePin0 Shares

TweetShareSharePin0 Shares Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent. First, the federal corporate tax rate would rise to 28 percent, which together with an average of state corporate tax rates would result in a 32.4 percent combined top