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Treasury Department Archive

Right to education must be backed by tax policy

TweetShareSharePin0 Shares Education provides the “foundations for individual autonomy, liberty and human dignity”. (1) Yesterday marked the start of the Global Partnership for Education’s (GPE) two-day Summit, which is hosted by the Nigerian and UK governments. The Global Education Summit: Financing GPE 2021-2025, which you can join live (2:00pm BST), aims to explore “with key

Infrastructure Investment Revenue Options | Tax Foundation

TweetShareSharePin0 Shares Policymakers broadly agree that investments by the federal government in highways, mass transit, and other modes of transportation are crucial to facilitate the nation’s economic activity, but they can’t seem to agree on how to fund such investments. The current debate is over corporate income taxes, and therein lies the problem. The standard

State Gas Tax Rates | State Gas Tax Rankings, July 2021

TweetShareSharePin11 Shares This map shows state gas tax rates as of July 2021, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and sales taxes

Lobbyists Push and Pull on Proposed Tax Increases

TweetShareSharePin0 Shares Big Pharma: Don’t raise taxes on makers of COVID-19 vaccines. Pharmaceutical companies are telling Congress that the global minimum corporate tax could raise their taxes by hundreds of millions of dollars every year. They say the financial hit is unfair, given how fast they developed and produced vaccines against COVID-19. Will the message

Reducing the Tax Gap and Simplifying the Tax Code

TweetShareSharePin0 Shares Key Findings The tax gap is the gap between what taxpayers owe the U.S. government, and what the government actually collects from taxpayers. Tax compliance efforts ensure that tax law applies evenly to all taxpayers. At the same time, we would like to avoid placing undue compliance burdens on taxpayers. Reducing the tax

Tax revenues in Asia and the Pacific hit by pre-COVID economic slowdown

TweetShareSharePin0 Shares The Organisation for Economic Co-operation and Development (OECD) recently published a report on tax revenue statistics in selected Asian and Pacific countries. The report, covering 24 tax jurisdictions, provides tax revenue data from 1990 to 2019 and includes a section on nontax revenue data for selected Asian and Pacific economies. Additionally, a special feature co-authored

Lawmakers Still Feuding Over… Lawmaking.

TweetShareSharePin0 Shares Darkness before…what?  Bipartisan negotiators had hoped to have an agreement by yesterday on a big infrastructure bill. Instead, public feuding continued over how to fund the measure and how to spend the money. Making matters worse, former president Trump has weighed in, urging Hill Republicans to walk away from talks until 2022. Majority

DC Income Tax Hike Helps Maryland and Virginia, Not DC

TweetShareSharePin0 Shares The District of Columbia weathered the pandemic with stable tax collections, down less than 1 percent in FY 2020 while recovering above pre-pandemic levels in FY 2021. Yet, even as lawmakers in eleven states have cut income taxes this year, the D.C. Council has responded to surpluses and growth by voting to include

Sports Owners Deductions & Amortization

TweetShareSharePin0 Shares Over the past few weeks the media has reported on how wealthy taxpayers who own sports teams lower their tax liability by deducting the cost of purchasing a sports team over 15 years. Contrary to claims that deducting the cost of a sports team from taxable income is a “loophole,” such deductions are

Still Talking, A Warning, And A Target

TweetShareSharePin0 Shares One stop short of an infrastructure deal? That bipartisan group of senators still hopes to have an agreement as soon as today, but differences remain. GOP Sen. Rob Portman says one hang-up has been how much to spend on mass transit—Democrats want to spend more and Republicans want to spend less. Negotiators still
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