Treasury Department Archive

TweetShareSharePin0 Shares Since 2018, 30 states and the District and Columbia have legalized and imposed taxes on sports betting. States that have yet to legalize, but which may do so, should pay attention to the impact of tax design in states that already have legal and taxed sports betting—specifically tax base design. Despite the attention

TweetShareSharePin0 Shares President Biden’s tax proposals released as part of his fiscal year 2022 budget would collect about $2 trillion in new tax revenue from businesses over 10 years. This new revenue would bring income tax collections on businesses as a portion of GDP to its highest level on a sustained basis in over 40

TweetShareSharePin0 Shares Businesses around the world often operate in more than one country, making them subject to multiple tax jurisdictions. To prevent businesses from minimizing their tax liability by taking advantage of cross-country differences, countries have implemented various anti-tax avoidance measures, such as the so-called Controlled Foreign Corporation (CFC) rules. Controlled Foreign Corporation rules apply to

TweetShareSharePin0 Shares When most people think about “business taxes,” the corporate income tax is usually the first that comes to mind. Corporate income taxes generate sizable tax burdens for businesses—especially at the federal level—but at the state level, the corporate income tax is just one of many taxes businesses pay. For many companies, state corporate

TweetShareSharePin0 Shares Later this month more than 39 million households are set to receive advance payments of the Child Tax Credit (CTC) that was expanded in the March 2021 American Rescue Plan. Many households are uncertain about how the advance payments will affect their refunds or taxes owed when they file next year, and some

TweetShareSharePin0 Shares Today’s map focuses on states’ effective tax rates on owner-occupied housing. This is the average amount of residential property taxes actually paid, expressed as a percentage of home value. Because property taxes are tied to housing values, it makes sense that the actual dollar amounts of property taxes tend to be higher in

TweetShareSharePin0 Shares A recent Wall Street Journal report made me wonder about tax-exempt hospitals.  The story details how a nonprofit organization, RIP Medical Debt, collected tax-deductible donations to pay $282 million in medical debt owed by 82,000 patients of the tax-exempt hospital system Ballad Health. Ballad serves Tennessee, Virginia, North Carolina, and Kentucky. Many of