Treasury Department Archive

TweetShareSharePin0 Shares The tax proposals contained in the Biden administration’s fiscal year 2022 budget, including the American Families Plan (AFP) and American Jobs Plan (AJP), would levy $2.3 trillion in new taxes on high-income earners and businesses and provide $998 billion in refundable tax credits to low- and middle-income households, for a net tax increase

TweetShareSharePin0 Shares The Wisconsin Assembly and Senate this week are considering several tax reforms as part of the budget for the fiscal year (FY) 2022-23 biennium, which begins Thursday (July 1). Several were precipitated by the Wisconsin Legislative Fiscal Bureau’s (LFB) announcement earlier this month that the state is projected to end the current fiscal

TweetShareSharePin0 Shares In 2020 and 2021, Congress enacted three rounds of economic impact payments (EIPs) for direct relief to households amidst the pandemic-induced downturn. Survey data from the U.S. Census Bureau indicates that households increasingly saved their EIPs or used them to pay down debt rather than spend them. About 90 percent of tax filers

TweetShareSharePin0 Shares McConnell: De-link bipartisan infrastructure bill from reconciliation bill, or… else? Senate Minority Leader Mitch McConnell warned President Biden not to let House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer “hold a bipartisan bill hostage over a separate and partisan process.” McConnell insists he is undecided on the bipartisan deal. But Democrats

TweetShareSharePin0 Shares President Biden and a bipartisan group of senators have agreed to the framework of a plan to boost infrastructure spending by about $579 billion. On top of already planned spending for roads, bridges, transit, water, and broadband, it would amount to a massive $1 trillion.  And they have agreed to pay for it

TweetShareSharePin0 Shares A temporary gas shortage, caused by a hack attack, on much of the East Coast last month and fear of rising inflation have led some people to wonder if the 1970s are back. The Bureau of Economic Analysis report released last week did little to settle this fear, finding that the Personal Consumption

TweetShareSharePin0 Shares The Tax Cut and Jobs Act (TCJA) of 2017 created the most substantial changes in business taxation in decades. But in a new analysis, published in today’s issue of Tax Notes and cowritten with my Tax Policy Center colleague Claire Haldeman, we find that, while the law promoted efficiency by reducing the level