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Treasury Department Archive

Build Back Better Plan Inflation

TweetShareSharePin0 Shares As the Senate weighs changes to the spending and tax portions of the Build Back Better Act, the Congressional Budget Office (CBO) and Tax Foundation find the bill would increase the cumulative budget deficit over the next 10 years—contrary to claims the legislation is “fully paid for.” The deficit impact may contribute to

The Senate’s Initial Build Back Better Tax Plan

TweetShareSharePin0 Shares Wyden releases a first draft of the Senate’s BBB tax provisions. It won’t be the last word, but Senate Finance Committee Chair Ron Wyden released an 1180-page legislative text of the tax provisions of Build Back Better (BBB). The bill closely tracks the House bill. But it excludes any state and local tax

Biden Interest Limitation: Interest Limitation Pile-On

TweetShareSharePin0 Shares How should tax policy treat interest expenses? Historically, corporate income tax systems in the U.S. and around the world have allowed businesses to deduct their interest paid. As Congress contemplates adding a new worldwide interest limitation rule as part of the Build Back Better Act (BBBA), it is useful to consider the potential

The human right to care and tax justice

TweetShareSharePin0 Shares On International Human Rights Day today, we the support and highlight the call for the human right to care and the pivotal role of tax justice in realising this right.  The Covid-19 pandemic, the climate crisis, debt burden and the fiscal austerity of recent decades have brought untold burdens and hardships on those

Headed For A Debt Deal

TweetShareSharePin0 Shares The nation probably will not default on its debt, this year. Senate Democrats and 14 Senate Republicans advanced a bipartisan deal that ultimately will allow Congress to raise the debt ceiling. The agreement will allow Senate Democrats to raise the debt ceiling by enough to cover federal borrowing until at least after the

Arkansas Tax Cuts: Arkansas Tax Reform

TweetShareSharePin0 Shares Faced not only with immediate surpluses but with the expectation of sustained revenue growth in coming years, Arkansas policymakers have chosen to return some of the additional revenue to taxpayers in the form of individual and corporate income tax rate reductions, with additional rate cuts if future revenues permit. Whenever a state has

Biden Minimum Tax vs Biden Corporate Tax Rate Increase

TweetShareSharePin0 Shares As the Senate considers which components of the House Build Back Better Act (BBBA) to include, one key difference between the original Ways and Means draft and the later Rules Committee version is on corporate taxes. The original draft would have raised the corporate tax rate to 26.5 percent, while the Rules Committee

Who Really Pays Tariffs? Trump-Biden Tariffs & Trade

TweetShareSharePin0 Shares When the Trump administration imposed tariffs on various imports in 2018, the stated purpose was to boost U.S. industries and punish foreign exporters. But rather than hurting foreign exporters, the economic evidence shows it is American firms and consumers hardest hit by the Trump tariffs. The tariffs resulted in higher prices for a

A $25,000 SALT Deduction Cap Would Be Only A Modest Improvement Over The House’s $80,000 Version

TweetShareSharePin0 Shares As Congress struggles to pass the Build Back Better bill, some congressional Democrats are exploring new proposals to raise the $10,000 cap on the state and local tax (SALT) deduction. These would increase the deduction limit to $25,000 for all taxpayers or, alternatively, raise the cap to $25,000 only for those making $400,000
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