Treasury Department Archive
How Can Congress Protect Families Who Receive Excessive Child Tax Credit Payments?
August 10, 2021
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TweetShareSharePin0 Shares Families began receiving monthly Child Tax Credit (CTC) payments on July 15. For many, those regular payments—currently permitted through the end of the year—will combat poverty and help families keep current on monthly bills without having to borrow. But because the CTC depends on income, number of children, and marital status, some changes
Will FDII Stay or Will it Go?
August 10, 2021
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TweetShareSharePin0 Shares Last week the Organisation for Economic Co-operation and Development (OECD) released an updated list of “Harmful Tax Practices” that have been identified as part of a country peer review process. One notable element of the recent list states that the United States has committed to abolish the deduction for Foreign Derived Intangible Income
Infrastructure Nears A Vote And The Reconciliation Process Begins
August 10, 2021
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TweetShareSharePin0 Shares Infrastructure and Investment Jobs Act poised for Senate passage. The Senate is expected to pass the bipartisan $1 trillion infrastructure bill today. Will there be a cryptocurrency reporting deal? Yesterday, senators and the Biden Administration appeared to reach a compromise after the crypto industry opposed the original reporting requirements backed by the White
Border Carbon Adjustment without Carbon Pricing Makes Little Sense
August 9, 2021
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TweetShareSharePin0 Shares A group of Senate Democrats has introduced a bill to impose tariffs on imports of carbon-intensive goods and fossil fuels equal to the domestic environmental policy costs of producing those goods in the US. The bill’s formula for calculating those costs is flawed. But introducing a border carbon adjustment (BCA) without first instituting
Infrastructure Bill’s Amendment Debate Continues Into This Week
August 9, 2021
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TweetShareSharePin0 Shares Tennessee Senator slows amendment debate after CBO report on deficits. Republican Sen. Bill Hagerty opposed the bipartisan infrastructure bill because of a Congressional Budget Office (CBO) score finding it would increase the deficit by $256 billion. The bipartisan group of senators who developed the deal said it would be fully offset. Said Hagerty,
Finding Balance in Cryptocurrency Requirements in Infrastructure Package
August 6, 2021
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TweetShareSharePin0 Shares One of the proposals in Congress’ eclectic grab-bag of payfors in the bipartisan infrastructure package is an effort to curb tax evasion in cryptocurrency by imposing a series of reporting requirements on the industry. While it makes sense to ensure cryptocurrency transactions are treated similarly to other financial assets, the nature of these
Finding Balance in Cryptocurrency Requirements in Infrastructure Package
August 6, 2021
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TweetShareSharePin0 Shares One of the proposals in Congress’ eclectic grab-bag of payfors in the bipartisan infrastructure package is an effort to curb tax evasion in cryptocurrency by imposing a series of reporting requirements on the industry. While it makes sense to ensure cryptocurrency transactions are treated similarly to other financial assets, the nature of these
The Fast and the Furious?
August 6, 2021
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TweetShareSharePin0 Shares Toward one finish line: Senators aim to wrap up infrastructure work this weekend. Source link TweetShareSharePin0 Shares
Wyden Takes Aim At US Pass-Through Income Tax Break
August 6, 2021
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TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.
The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent
New Report Shows TCJA Reduced Tax Rates Across the Board
August 5, 2021
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TweetShareSharePin0 Shares Wednesday, the Congressional Budget Office (CBO) published its annual analysis of the distribution of American household incomes and tax burdens, this time for 2018, the year after the Tax Cuts and Jobs Act (TCJA) was enacted. CBO data shows that the TCJA reduced federal tax rates for households across every income level while
