Treasury Department Archive

TweetShareSharePin0 Shares Congress strips special trade status from Russia. The House and Senate overwhelmingly approved legislation to strip Russia of its most-favored-nation trade status and a ban on Russian oil imports. The moves come in response to Russia’s invasion of Ukraine. President Biden is expected to sign both bills.   Does the US want to subsidize fossil fuels or

TweetShareSharePin0 Shares State and federal lawmakers are debating an extraordinary range of often-contradictory energy-related tax changes. These inconsistencies have existed for years, but they rarely have been more apparent than today. We are at a time when climate experts increasingly are warning of the growing risks of unchecked fossil fuel use. Yet, we also are

TweetShareSharePin0 Shares A bigger tax deduction for teachers? Ohio Sen. Sherrod Brown and Maryland Rep. Anthony Brown will introduce a bill to increase the tax deduction teachers can take for out-of-pocket classroom supplies from $250 to $1,000 and index the deduction to inflation. Brown hopes to attach the plan to a larger tax bill and

TweetShareSharePin0 Shares Key Findings In calendar year 2022, state-local tax burdens are estimated at 11.2 percent of national product. Taxpayers remit taxes to both their home state and to other states, and about 20 percent of state tax revenue comes from nonresidents. Our tax burdens analysis accounts for this tax exporting. New Yorkers faced the

TweetShareSharePin0 Shares Tax Day is less than two weeks away. You might be like my spouse and me: Still working on your return and resigned to paying a balance due. Or maybe you’re relieved that you already have received your refund.   That’s tax season for filers in a nutshell. You give, or you get.

TweetShareSharePin0 Shares In response to rising gas prices, Maryland suspended its gas tax for 30 days. Connecticut and Georgia also have created gas tax holidays and lawmakers in other states are debating some form of gas tax relief. Although well-meaning, it’s not clear that this policy will provide much benefit to drivers. To the extent

TweetShareSharePin0 Shares In most European OECD countries, corporate income is taxed twice, once at the entity level and once at the shareholder level. Before shareholders pay taxes, the business first faces the corporate income tax. A business pays corporate income tax on its profits; thus, when the shareholder pays their layer of tax they are