Treasury Department Archive

TweetShareSharePin0 Shares A few Tax Policy Center staffers and I spend tax season volunteering for the IRS’s Volunteer Income Tax Assistance (VITA) program, providing free tax preparation services to low-income filers. You do not need to be a tax expert to volunteer at a VITA site (it’s like an open-book test), but assisting actual people,

TweetShareSharePin0 Shares Disney, DeSantis and that special tax district. After the Walt Disney Corporation criticized a new Florida law that bans discussions of gender issues in many public school classrooms, Gov. Ron DeSantis retaliated with legislation to dissolve a special taxing district managed by Disney since 1967. Disney pays about $163 million a year to

TweetShareSharePin0 Shares A centerpiece of the Build Back Better Act (BBBA) as passed by the House last year was drug pricing legislation, which could be included in the next version of the BBBA, now rebranded as an inflation-control, climate, and deficit-reduction bill. While headline inflation is at an alarming rate, with the most recent 12-month

TweetShareSharePin0 Shares Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options. Senate Bill 739 would create an additional tax trigger mechanism for the individual income tax, while

TweetShareSharePin0 Shares Just as state governors and legislators are figuring out how to spend their unexpected budget surpluses, global events could wipe out much of those gains in fiscal year 2023. State revenue growth was strong in fiscal year 2021, despite widespread economic disruptions caused by the global pandemic. But it appears the current fiscal

TweetShareSharePin0 Shares Net wealth taxes are recurrent taxes on an individual’s wealth, net of debt. The concept of a net wealth tax is similar to a real property tax. But instead of only taxing real estate, it covers all wealth an individual owns. As today’s map shows, only three European OECD countries levy a net wealth

TweetShareSharePin0 Shares The Internal Revenue Service has limped through yet another tax filing season, reduced to plugging staffing holes in customer service and returns processing by shifting workers around—and thus creating new tax administration gaps. Thanks to months-long delays in processing millions of 2020 tax returns, the agency’s most visible vulnerabilities have shifted from enforcement