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Treasury Department Archive

Corporate Audits, Free Filing, and Federal Aid

TweetShareSharePin0 Shares Corporations have been claiming more “uncertain” tax breaks in recent years.  With IRS  audits down, corporations are being increasingly aggressive in their tax positions, according to  a Washington Post analysis of corporate filings. The IRS used to audit nearly every  large corporation tax return, but it now audits only about half.  As a

A Wednesday Deadline for an Infrastructure Deal?

TweetShareSharePin0 Shares Setting Senate deadlines. Majority Leader Chuck Schumer scheduled a test vote for next  Wednesday on a roughly $1 trillion infrastructure package, even though the bill hasn’t been written yet. And he’s pushing Democrats to resolve disputes by next week over details of the $3.5 trillion budget reconciliation bill he wants to use to

Even Within States, Tax Treatment Differs by Industry

TweetShareSharePin0 Shares Businesses’ tax liability can differ markedly across states, and policymakers often pay attention to this competitive tax landscape. What is less often remarked upon, however, is the variation of tax treatment within a given state. Different industries and activities can face radically different tax burdens within the same state due to non-neutralities in

2021 State Income Tax Cuts

TweetShareSharePin0 Shares Trend: States Reform Income Taxes To Provide Relief And Remain Competitive Key Findings As states close their books for fiscal year 2021, many have much more revenue on hand than they anticipated last year. In 2021, 11 states have enacted laws to reduce their income tax rates, with 10 reducing individual income tax

Wealth Inequality Estimates Likely Overstated, New Research Suggests

TweetShareSharePin0 Shares Some of President Biden’s tax proposals, such as taxing unrealized capital gains at death, are specifically aimed at reducing wealth inequality. Indeed, it is commonly asserted that wealth inequality is too high and rapidly growing over time. However, new research from Federal Reserve Bank of Boston economists suggests wealth inequality has grown less
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