Treasury Department Archive

2022 State Tax Changes Effective January 1, 2022

TweetShareSharePin0 Shares Key Findings Twenty-one states and the District of Columbia had significant tax changes take effect on January 1, 2022 Five states (Arizona, Arkansas, Louisiana, North Carolina, and Oklahoma) cut individual income taxes effective January 1. The District of Columbia was the only jurisdiction to increase income taxes. Four states (Arkansas, Louisiana, Nebraska, and

BBB Is Less Certain And Biden’s Budget Is Delayed

TweetShareSharePin0 Shares Build Back Better back-burnered? The Washington Post reviews the state of play, such as it is, on the president’s spending package and Sen. Joe Manchin’s $1.8 trillion counteroffer. “Senior Democrats say they do not believe Manchin would support his [own] offer even if the White House tried adopting it in full — at

Alaska Vapor Tax Proposal: Poor Excise Tax Design

TweetShareSharePin0 Shares A proposal to introduce a wholesale tax on vapor products in Alaska could make switching from combustible tobacco products very expensive for smokers. If enacted, HB 110 (SB 45) would, among other things, impose a 75 percent wholesale tax on nicotine vapor products (including components)—a rate comparable to the rate on other tobacco

California Health Care Tax Proposal

TweetShareSharePin0 Shares A proposed constitutional amendment (ACA 11) in California would increase taxes by $12,250 per household, roughly doubling the state’s already high tax collections, to fund a first-in-the-nation single-payer health-care system. The top marginal rate on wage income would soar to 18.05 percent—nationally, the median top marginal rate is 5.3 percent—and the state would

Opportunity Zones, A Refund Dispute, And Gun Taxes

TweetShareSharePin0 Shares Tune in at noon for your TPC Prescription with guest David Wessel. Hutchins Center on Fiscal and Monetary Policy director and former Wall Street Journal reporter will discuss Only The Rich Can Play, his recent book that dissects the Opportunity Zone provision of the 2017 Tax Cuts and Jobs Act. You can join

BBB Hits A Wall And Will Probably Lie Down For A While

TweetShareSharePin0 Shares Still debating a CTC work requirement? The Build Back Better Act won’t be ready for a Senate floor vote anytime soon. Sen. Joe Manchin still wants recipients to have a job before they can get the child tax credit while many progressives insist the credit be fully available for even the lowest-income parents.  

Improving Tax Mobility and Tax Modernization

TweetShareSharePin0 Shares Key Findings The post-pandemic economy will be characterized by greater mobility and new ways of living and doing business. States must take this opportunity to modernize their tax codes to reflect economic changes and to improve their competitive posture. Because the reality is that businesses that find their upward mobility constrained have more

Europe has a finance curse problem

TweetShareSharePin0 Shares A new report reveals the depth of Europe’s finance curse problem. The Finance Curse concept is a pretty simple idea, which can be summarised with a fried egg, writes Nick Shaxson. We all need a financial sector, to provide the useful services our economy needs. That’s the yolk of the egg. But there are large
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