Treasury Department Archive
Chile Tax Reform Heads in the Wrong Direction
December 8, 2022
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TweetShareSharePin0 Shares The Tax Foundation recently released the 2022 International Tax Competitiveness Index (ITCI), measuring the complexity and neutrality of countries’ tax systems. Over the years, Chile has consistently remained in the lower half of the Index’s rankings, and in the 2022 version of the Index, Chile fell from 26th to 27th (out of 38
The UK Chancellor could have taxed income from wealth properly, strengthened our public services and invested in social infrastructure but chose not to
December 8, 2022
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TweetShareSharePin0 Shares We’re pleased to share this blog post written by Ignacia Pinto and Professor Sue Himmelweit from the Women’s Budget Group. In his 17 November speech, the UK Chancellor Jeremy Hunt sought to demonstrate fiscal responsibility after the turmoil created by his predecessor’s “mini-budget”. He announced tax increases in the short term and a series
Why TPC Revised Its Estimates Of The Business Tax Proposals Pending In the Post-Election Congress
December 7, 2022
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TweetShareSharePin0 Shares The Tax Policy Center has revised its estimates of the revenue cost and distributional effects of the business tax cuts included in its analysis of several tax changes currently pending in the post-election session of Congress. TPC analyzed the effects of eliminating a scheduled phase-down in 100 percent bonus depreciation. However, TPC incorrectly
Who Would Benefit From Restoring The Full CTC, EITC, and The TCJA’s Business Tax Breaks?
December 7, 2022
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TweetShareSharePin0 Shares This blog has been revised, reflecting TPC’s recalculated analysis of proposals to reduce business taxes that are under discussion in Congress. TPC’s initial analysis over-estimated the revenue loss of these provisions and their benefits to households. The lame duck Congress will spend the next several weeks arguing over the fate of several key
R&D Expensing: Canceling R&D Amortization
December 7, 2022
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TweetShareSharePin0 Shares The tax treatment of research and development (R&D) expenses is one of the biggest issues facing Congress as the year winds down. Since the beginning of 2022, companies have had to spread deductions for R&D costs out over five years, instead of deducting them immediately. This policy, known as R&D amortization, reduces economic
Trump Organization Convicted, Spending Talks Continue
December 7, 2022
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TweetShareSharePin0 Shares Trump Organization guilty of state tax fraud. A New York jury convicted the former president’s business of 15 counts of criminal tax fraud. The fraud involved paying top executives with luxury cars and apartments and failing to report those payments as taxable compensation for either income or payroll tax purposes. Trump was not
A win for African leadership on international tax
December 7, 2022
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TweetShareSharePin0 Shares Denied a seat at the table to decide tax rules, African countries moved the table to the UN. Malawi loses US$58 million in tax per year due to cross-border tax abuse by multinational companies. And this is just the tip of the iceberg as it’s hard to count illicit money because it’s hidden.
Extensions, Rates, And Filing Fun
December 6, 2022
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TweetShareSharePin0 Shares Who benefits from a lame-duck extension of the child credits and TCJA business tax breaks? TPC’s Howard Gleckman reviews a new Tax Policy Center analysis that finds the distribution of benefits from extending several key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2021 American Rescue Plan would vary
Cigarette Taxes | Cigarette Smuggling by State
December 6, 2022
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TweetShareSharePin0 Shares Key Findings: Excessive tax rates on cigarettes induce substantial black and gray market movement of tobacco products into high-tax states from low-tax states or foreign sources. New York has the highest inbound smuggling activity, with an estimated 53.5 percent of cigarettes consumed in the state deriving from smuggled sources in 2020. New York
Trump Org. Found Guilty on All Counts In Criminal Trial
December 6, 2022
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TweetShareSharePin0 Shares The verdict is in, and the Trump Organization has been found guilty on all counts in the criminal trial that began with jury selection on October 24. Credit: Eric Thayer/Getty Images The New York Times confirmed the news, noting that there were 17 charges against the real estate company. Nicholas A. Gravante Jr.,
