Treasury Department Archive
Happy Tax Day | Tax Policy Center
April 18, 2022
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TweetShareSharePin0 Shares The Bidens released their 2021 tax returns. The President and Vice President released their 2021 tax returns last week. President Biden and Jill Biden earned $610,702 in 2021 and paid an effective federal income tax rate of 24.6 percent. Vice President Kamala Harris and husband Doug Emhoff paid an effective rate of 31.6
Are Taxes Complicated? Compared to What?
April 15, 2022
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TweetShareSharePin0 Shares As the April 18 deadline for filing income tax rapidly approaches, many people will complain about how complicated the process is. But there is a flip side: The income tax provides “one stop” shopping that enables people to receive, in one fell swoop, the benefits of numerous social policies and economic incentives. Including
April 2022 Spanish language podcast, Justicia ImPositiva: Que paguen la deuda los que la fugaron
April 14, 2022
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TweetShareSharePin0 Shares Welcome to our Spanish language podcast and radio programme Justicia ImPositiva with Marcelo Justo and Marta Nuñez, free to download and broadcast on radio networks across Latin America and Spain. ¡Bienvenidos y bienvenidas a nuestro podcast y programa radiofónico! Escuche por su app de podcast favorita. En este programa: Fin del pensamiento único. El multilateralismo bipolar que
Corporate Tax Revenue and Federal Tax Collections Reach Record High
April 13, 2022
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TweetShareSharePin0 Shares After corporate tax revenue came in at a record high of $372 billion in fiscal year 2021, we have been eagerly awaiting the forecast for fiscal year 2022, which the Congressional Budget Office (CBO) normally publishes in January but now plans for the week of May 23rd. The White House has included a
Personal Income Tax Adjusts for Inflation, But It Could Do Better
April 13, 2022
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TweetShareSharePin0 Shares In times of inflation, like we are experiencing now, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.” That works for some
The Surprising Regressivity of Grocery Tax Exemptions
April 13, 2022
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TweetShareSharePin0 Shares Key Findings Exempting groceries from the sales tax base reduces economic efficiency without achieving its objective of enhancing tax progressivity. The poorest decile of households experiences 9 percent more sales tax liability with a grocery tax exemption than they would if groceries were taxed and the general rate were reduced commensurately. Grocery tax
Georgia Income Tax Cut & Reform: Details & Analysis
April 12, 2022
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TweetShareSharePin0 Shares After several rounds of negotiations, Georgia lawmakers enacted HB 1437 on April 4th. If certain financial conditions are met, this tax reform bill will consolidate the state’s six individual income tax brackets into one flat rate, ultimately reaching 4.99 percent over a number of years. The bill is awaiting action by the governor.
Throwback Rules and Throwout Rules
April 12, 2022
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TweetShareSharePin0 Shares This week’s state tax map looks at throwback and throwout rules in states’ corporate tax codes. These rules may not be widely understood, but they have a notable impact on business location and investment decisions and reduce economic efficiency for the states which impose such rules. Over the long run, these rules reduce competitiveness while
Biden Budget Takes Crypto Compliance Efforts Global
April 11, 2022
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TweetShareSharePin0 Shares Cryptocurrency compliance is going global. But is the US ready to tackle compliance with foreign exchanges and accountholders before it finishes developing reporting rules for US-based firms? Even before the dust settles on the cryptocurrency and digital assets tax compliance guidelines included in last year’s Infrastructure Investment and Jobs Act, the Biden Administration
Carbon Taxes, Wealth Taxes, Marijuana Tax Breaks, and Global Tax Reform
April 11, 2022
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TweetShareSharePin0 Shares Combining BBB’s climate provisions with a carbon tax. The climate provisions of the stalled Build Back Better Act would reduce net greenhouse gas (GHG) emissions by 17 percent by 2030 at a cost of about $550 billion, according to a new study by the Committee for a Responsible Federal Budget. CRFB estimates that adding a
