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Treasury Department Archive

The UK is breaking up Facebook/Meta and (almost) nobody noticed

TweetShareSharePin0 Shares We’re sharing the latest edition of The Counterbalance, the newsletter of the Balanced Economy Project, a global antimonopoly initiative. This article was originally published here. You can sign up for their newsletter here. Frances Haugen, the celebrated Facebook whistleblower, briefly became a bit of a cult hero for exposing the giant platform’s toxic

Wealth Taxes in the OECD and Lessons for the U.S.

TweetShareSharePin0 Shares Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals. The OECD maintains detailed tax revenue statistics for its 38

State Corporate Income Tax Rates and Brackets for 2022

TweetShareSharePin0 Shares Key Findings Forty-four states levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 11.5 percent in New Jersey. Six states—Alaska, Illinois, Iowa, Minnesota, New Jersey, and Pennsylvania—levy top marginal corporate income tax rates of 9 percent or higher. Eleven states—Arizona, Colorado, Indiana, Kentucky, Mississippi, Missouri, North Carolina, North

An Investigation, A Low Federal Budget Deficit, Some State Budget Surpluses

TweetShareSharePin0 Shares Senate Finance Committee Chair Ron Wyden launches investigation into Opportunity Zones. The Oregon Democrat wants to know whether the Opportunity Zone Program, enacted under the Tax Cuts and Jobs Act, delivered on promises to create jobs and drive investment into low-income communities, instead of creating a loophole for wealthy investors to avoid paying taxes.

A Low Federal Budget Deficit, Some State Budget Surpluses

TweetShareSharePin0 Shares The US monthly budget deficit narrowed sharply in December to $21.3 billion. Treasury Department data reveal the lowest monthly budget deficit in two years, thanks to a rebounding economy and slower spending as some COVID relief programs expired. Prior to December 2021, the lowest monthly budget deficit occurred in December 2019 at $13.3

IRS Backlog, Pandemic Tax Relief

TweetShareSharePin0 Shares Taxpayers and the Internal Revenue Service (IRS) are set to face a bumpy 2022 tax filing season, which the IRS announced will begin January 24th and run through April 18th. Two major challenges await taxpayers: a second year of navigating pandemic-related tax relief on their returns and IRS backlogs that may delay processing

IRS In “Crisis,” Taxing The CTC… And The Unvaccinated

TweetShareSharePin0 Shares National Taxpayer Advocate: 2021 was the “most challenging year ever” for taxpayers. National Taxpayer Advocate Erin Collins’s  2021 Annual Report to Congress said the agency is “in crisis.” The most serious problems: “taxpayer service and IT challenges, including processing and refund delays, inadequate taxpayer service, limited functionality of online taxpayer accounts, and the

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