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Build Back Better Inflation Impact: Biden Tax Plan

TweetShareSharePin0 Shares Last week, the Bureau of Labor Statistics (BLS) announced that prices had risen 6.2 percent in the year up to October 2021, the fastest rate since 1990. The persistently high inflation in recent months has made some lawmakers question the need for additional deficit spending. In the short term, the Build Back Better

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Modest

TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Very Modest

TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

Build Back Better Book Minimum Tax

TweetShareSharePin0 Shares The Build Back Better Act (BBBA) would raise taxes to pay for social spending programs. But the design of some of the tax increases may end up hurting private pensions, among other problems. By relying on measures of income reported on company financial statements, i.e., book income, the proposed corporate alternative minimum tax

A Vote on BBB This Week? Maybe?

TweetShareSharePin0 Shares BBB finally hits the House floor.  Majority Leader Steny Hoyer said “most of” the floor debate on the House version of President Biden’s Build Back Better Act (BBB) will occur today. “And then,” he told reporters, “I expect a vote on… final passage at the earliest Thursday, and at hopefully the latest on

2022 Norway Budget Tax Proposals

TweetShareSharePin0 Shares Norway’s new center-left government that took power on October 14 has set out its 2022 budget proposals, amending the 2022 budget proposal announced last month by the outgoing conservative government. The new budget comes with several tax cuts and a handful of tax hikes. While the new proposal cuts indirect taxes by $270

Waiting For CBO’s Score… | Tax Policy Center

TweetShareSharePin0 Shares CBO promises a full score of Build Back Better by Friday. The Congressional Budget Office  said yesterday it plans to release a full cost estimate of the House Democrats’ Build Back Better Act by the end of the week by the end of this week. House moderates say they’ll vote for the big

Losses to OECD tax havens could vaccinate global population three times over, study reveals

TweetShareSharePin0 Shares Poorer countries hit hardest by global tax abuse at the hands of rich countries Countries are losing a total of $483 billion in tax a year to global tax abuse committed by multinational corporations and wealthy individuals – enough to fully vaccinate the global population against Covid-19 more than three times over.1 The

How Do Build Back Better Taxes Affect 5G Competition?

TweetShareSharePin0 Shares One unintended consequence of the tax proposals in the Build Back Better Act is a higher potential burden on wireless spectrum investments. Proposals like levying a minimum tax on book income would retroactively tax past spectrum purchases and raise the tax burden on future spectrum purchases. In turn, it could distort the prices companies

Republican Cannabis Bill Would Tax by Category: States Reform Act

TweetShareSharePin0 Shares Today, Representative Nancy Mace (R-SC) released the States Reform Act, which would deschedule, regulate, and tax cannabis products with a novel federal excise tax design—based on quantities and predefined categories, not dissimilar from how the federal government taxes alcohol and tobacco. Rep. Mace’s bill would impose a tax of 3 percent on the
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