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Treasury Department Archive

The Federal Government Remains Open, For Now

TweetShareSharePin0 Shares Good news for federal funding. The House and Senate voted yesterday to keep the government open through December 3, when they likely will have to do it all over again. Yellen wants to scrap the debt limit entirely. Treasury Secretary Janet Yellen told the House Financial Services Committee yesterday, “I believe it’s very

Federal Plastics Tax Is Not a Good Revenue Raiser

TweetShareSharePin0 Shares One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered. The tax would be $0.20 per pound of virgin plastics used to make single-use plastics products. While few details have been released about

Checking One Item Off The Fiscal To-Do List

TweetShareSharePin0 Shares A clean continuing resolution. The House and Senate plan to vote today to keep the government running through December 3. After (twice) forcing Senate Republicans to block a bill to keep the government running and extend its borrowing authority, Democrats bowed to the inevitable and stripped out the debt limit measure. Unless both

US Multinational Corporation Tax Data & Analysis

TweetShareSharePin0 Shares Recent proposals from the Biden administration and congressional Democrats aim to hike taxes on the foreign profits of U.S. multinationals, resting on the claim that U.S. multinationals pay very low tax rates on these foreign profits. But how heavily taxed are they, and how would various proposals affect these tax rates? U.S. multinational

Weighing the Options for Financing Reconciliation

TweetShareSharePin0 Shares Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for

TPC Answers Two Questions About Its Analysis of the House Ways & Means Committee’s Tax Bill

TweetShareSharePin0 Shares After the Tax Policy Center published its new analysis of the House Ways & Means Committee’s budget reconciliation tax plan, commentators asked two questions: Why did TPC suddenly create two sets of distributional tables: One that includes all major provisions of the bill and another that includes the individual income tax, the payroll

October Surprise, Sort Of | Tax Policy Center

TweetShareSharePin0 Shares We’ll likely hit the debt ceiling on October 18. Treasury Secretary Janet Yellen told Congress yesterday that “It’s uncertain whether we could continue to meet all the nation’s commitments after” October 18. Senate Majority Leader Chuck Schumer attempted to set up a simple-majority bill to suspend the debt ceiling, but Senate Minority Leader
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