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Treasury Department Archive

Close To Closing The Deal, At Least In The House

TweetShareSharePin0 Shares SALT fix is in. House Democrats agreed to raise the state and local tax (SALT) deduction cap from $10,000 to $72,500. The latest version of the Build Back Better bill also restores a House Ways & Means proposal intended to curb the ability of very wealthy individuals to stash money in Roth IRAs.

Comparing Corporate Tax Systems in Europe, 2021

TweetShareSharePin0 Shares On October 17, we released the International Tax Competitiveness Index 2021, a study that measures and compares the competitiveness and neutrality of all 37 OECD countries’ tax systems. In the coming weeks, we will illustrate how European OECD countries rank in each of the five components of the Index: corporate income taxes, individual

The Latest SALT Cap Fix Would Mostly Benefit High Income Households, Do Little For Middle-Income People

TweetShareSharePin0 Shares The House Democrats’ latest plan to adjust the cap on the state and local tax (SALT) deduction would provide little or no benefit for low and middle-income households but generate a substantial tax windfall for those with much higher incomes, according to a new analysis by the Tax Policy Center. The latest plan

It Would Be a Mistake to Resurrect Corporate Alternative Minimum Tax

TweetShareSharePin0 Shares The latest version of the Biden administration’s Build Back Better reconciliation package reintroduces a policy that has been tried before—and abandoned: a corporate alternative minimum tax (AMT). It would be a mistake to revive this complex and poorly designed policy. Instead, lawmakers should consider directly reducing corporate tax expenditures. The corporate alternative minimum tax was

Settling the Dust of the Coal Industry

TweetShareSharePin0 Shares Coal miners increasingly are victims of a cruel paradox. Even as production declines, more are suffering from deadly black lung disease. Yet falling production and growing efforts to combat climate change will slash the federal funds to support sick workers and their families. This problem can be resolved, but it will require policymakers

Will the Ohio Supreme Court Fuel the State’s NASCAR Tax?

TweetShareSharePin0 Shares “If you ain’t first, you’re last.” That all-or-nothing motto catalyzes number one NASCAR driver and titular hero in the 2006 spoof, Talladega Nights: The Ballad of Ricky Bobby.  Funny coincidence: My kids and I watched the movie on television right after I read about NASCAR’s (National Association for Stock Car Auto Racing Holdings,

A Medicare Drug Deal But BBB Still Awaits A Score

TweetShareSharePin0 Shares Congress keeps inching towards a BBB agreement. Democrats agreed among themselves on a scaled-back plan to allow Medicare to negotiate prices on a handful of very costly drugs, along with a cap on insulin costs. That clears away one of the last outstanding issues prior to a House vote on President Biden’s latest

Work On Budget Reconciliation Continues…

TweetShareSharePin0 Shares House vote this week on Build Back Better? Maybe not. Sen. Joe Manchin yesterday said he wants to see an official budget score before he signs off on President Biden’s now-$1.75 trillion social spending and tax bill. Manchin expressed concerns about whether the latest bill hides its true cost by phasing out various provisions.

Austria Budget Comes with Tax Cuts, Carbon Levies

TweetShareSharePin0 Shares The 2022 Austrian budget proposal advances the tax reform plan agreed to by 2020’s coalition government formed by the Austrian People’s Party and the Greens. While Europe is registering record spikes in energy costs, Austria is pushing ahead with an agenda for carbon emissions reduction with a phased-in carbon levy. At the same
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