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Treasury Department Archive

How Can Congress Protect Families Who Receive Excessive Child Tax Credit Payments?

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?

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

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

Infrastructure Bill’s Amendment Debate Continues Into This Week

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,

Wyden Takes Aim At US Pass-Through Income Tax Break

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

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
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