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Treasury Department Archive

Americans Moved to Low-Tax States in 2021

TweetShareSharePin0 Shares Americans were on the move in 2021, and they chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data, along with commercial datasets released this week by U-Haul and United Van Lines. Nationally, the U.S. population only grew by 0.1 percent between July 2020 and July 2021,

Should the Child Tax Credit Be Limited to Those with Lower Incomes, As Manchin Prefers?

TweetShareSharePin0 Shares In 2021, the Child Tax Credit (CTC), helped nearly all families with children. But this year, because American Rescue Plan (ARP) expansions have lapsed, it is concentrating benefits on middle-income families. High- and low-income parents are receiving more limited assistance. And, as Democrats try to find a path forward for their stalled Build

Should the Child Tax Credit Be Limited to Those with Lower Incomes, As Manchin Prefers?

TweetShareSharePin0 Shares In 2021, the Child Tax Credit (CTC), helped nearly all families with children. But this year, because American Rescue Plan (ARP) expansions have lapsed, it is concentrating benefits on middle-income families. High- and low-income parents are receiving more limited assistance. And, as Democrats try to find a path forward for their stalled Build

Questions About Reviving The Expanded Child Tax Credit

TweetShareSharePin0 Shares What will become of the expanded CTC? The more generous, monthly Child Tax Credit payments expired in December after Congress failed to agree on a Build Back Better bill to continue the expanded program. BBB foundered in part because Sen. Joe Manchin opposed a simple extension of the CTC. Now, Manchin says he’s

Back to Business on the BBB; Tax Relief in States and Abroad

TweetShareSharePin0 Shares Congress returns this week to try again with the Build Back Better (BBB) Act. Preliminary estimates from the Joint Committee on Taxation indicate the Senate Democrats’ draft  $886 billion tax package would generate about $60 billion less in net revenue than the House version. The panel added exemptions for employer pension plans and

Is the TCJA Here to Stay?

TweetShareSharePin0 Shares Just based on its sheer size and scope, the Biden administration’s Build Back Better (BBB) agenda was always likely to shrink as it made its way through Congress. Two goals seemed certain on the tax side, though: Democrats would raise both the 21 percent corporate income tax rate and the 37 percent top

Cities Provide an Early Look at How Governments Are Advancing Racial Equity

TweetShareSharePin0 Shares While advancing racial equity has been a top priority for the Biden Administration, mayors were attempting to tackle unequal access to wealth and opportunity even before the federal government got involved. Many had already drafted “equity plans” in addition to initiating policy or program statements, charter amendments, and ordinances or city council votes.

An Omicron Aid Bill? Mixed Signals On BBB

TweetShareSharePin0 Shares Supplemental funding to respond to Omicron could garner bipartisan support. Rep. Tom Cole (R-OK) told Bloomberg Radio that Congress might agree to a bipartisan supplemental funding bill in early 2022 if the latest surge in COVID-19 cases requires new fiscal support. “My hope would be on something like this, we could find common

Tax Extenders Slated to Expire at End of 2021

TweetShareSharePin0 Shares It’s that time of year when we review which items of the tax code are scheduled to expire or otherwise change in just a few days. An eclectic group of temporary tax policies approach their expiration dates, but at the last minute typically hitchhike onto must-pass legislation for another temporary extension. Not so
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