As President Joe Biden and policymakers in Congress consider changes in tax policy over the coming year, the fate of the $10,000 state and local tax (SALT) deduction cap will be an ongoing part of the policy debate. Senate Majority Leader Chuck Schumer (D-NY) has expressed interest in repealing the SALT cap, which was originally
Taxes
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In her recent confirmation hearing, economist Janet Yellen, President Biden’s choice for Treasury Secretary, sought to reassure markets that the new administration would not raise corporate taxes until the economy improves. At the same time, however, she sent a troubling signal that when they do push for higher corporate tax rates, they would do so
The Biden administration has made climate change one of the core challenges it plans to address over the next four years. One climate policy lawmakers have debated—and will likely continue to do—is a carbon tax. At the same time, the new Administration will have to tackle the severe, and likely continuing, economic fallout of the
You may have already received your first and second stimulus payments, but did you know there’s a chance you could qualify for even more? That’s right – depending on the life changes you experienced in 2020, you may be owed additional stimulus dollars. In fact, the life changes that occurred for you in 2020 could
In his fiscal year 2022 budget proposal unveiled this week, New York Gov. Andrew Cuomo includes an excise tax on what could be legalized recreational marijuana. New York is looking to join neighboring New Jersey, where voters approved a ballot measure to legalize recreational marijuana last November. Gov. Cuomo expects the tax revenue to eventually
Property taxes represent a major source of revenue for states and the largest source of tax revenue for localities. In fiscal year 2018, the most recent data available, property taxes were such a significant source of local revenue that they accounted for 71.7 percent of local tax collections nationwide and 31.1 percent of total U.S.
Since June 1, 2020, Massachusetts has banned the sale of flavored tobacco products, including menthol cigarettes. When signing the ban into law, Gov. Charlie Baker (R) argued that the ban, which is the broadest in the country, was enacted to limit youth uptake of nicotine products. While youth uptake is a very real concern which deserves the
2021 tax dates to highlight on your calendar: January 15, 2021 February 1, 2021 Forms W-2 and 1099 are due to taxpayers. February 12, 2021 Start of the 2021 tax season The IRS recently announced it will open the 2021 tax season and start accepting and processing individual tax returns filed by paper or electronically
In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season unique for taxpayers and for the IRS. Congress introduced several tax policy changes in 2020 that will impact
On Friday, the Organisation for Economic Co-operation and Development (OECD) hosted the second of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting which is made up of delegates from more than 135 countries and
In releasing details of his coronavirus relief plan Thursday evening, President-elect Joe Biden envisions a two-part response to the pandemic and economic crisis. The first aspect builds on previous rounds of relief enacted in 2020, and would provide larger payments to individuals, expanded relief for households and small businesses, funding for vaccine distribution, and aid
With most states experiencing reduced tax revenues due to the coronavirus pandemic, several are contemplating whether recreational marijuana legalization and taxation may be one avenue to raise new revenue. While states that have already legalized do raise meaningful revenue, lawmakers should remember that establishment of legal markets takes time. In Connecticut, Delaware, Maryland, Minnesota, New
On Thursday, the Organisation for Economic Co-operation and Development (OECD) hosted the first of two days of a public consultation on changes to international corporate tax rules. The consultation is in the context of the Inclusive Framework on Base Erosion and Profit Shifting, which is made up of delegates from more than 135 countries and
States compete with each other in a variety of ways, including in attracting (and retaining) residents. Sustained periods of inbound migration lead to (and reflect) greater economic output and growth. Prolonged periods of net outbound migration, however, can strain state coffers, contributing to revenue declines as economic activity and tax revenue follow individuals out of
Key Findings The Tax Cuts and Jobs Act lowered the top integrated tax rate on corporate income distributed as dividends from 56.33 percent in 2017 to 47.47 percent in 2020; the OECD average is 41.6 percent. Joe Biden’s proposal to increase the corporate income tax rate and to tax long-term capital gains and qualified dividends at
On Jan. 10, 2021, we announced the IRS has committed to reprocessing stimulus payments directly to our customers impacted by the IRS payment error. This decision was made after days spent advocating for our customers and pushing the IRS to rightfully send these much-needed stimulus dollars quickly to our customers. The IRS’ choice to reprocess
Key Findings: A financial transaction tax (FTT) would raise transaction costs, which would result in a lower trading volume, lower liquidity, potentially increased volatility, and lower price of assets. Lower volume limits revenue potential, lower liquidity harms traders’ ability to buy and sell shares at the best price level, and increased volatility can increase risks.
More than 140 countries worldwide—including all European countries—levy a Value-Added Tax (VAT) on goods and services. As today’s tax map shows, although harmonized to some extent by the European Union (EU), EU member states’ VAT rates vary across countries. The VAT is a consumption tax assessed on the value added in each production stage of
Today, the United States puts into effect new 25 percent tariffs on $1.3 billion in French products. This comes as a response to France commencing collection of its digital services tax (DST) at the end of 2020. The tariffs will target several French cosmetics, handbags, and assorted soaps. Finance Minister Bruno Le Maire has said that
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