Tax
COVID relief bill’s tax, cash benefits can apply to some wealthy clients
It’s not just $1,400 checks. Here’s what advisors need to know about other financial perks in the massive stimulus package. Original Article Posted at : https://www.accountingtoday.com/news/covid-stimulus-bills-tax-perks-cash-benefits-can-go-to-some-wealthy-clients
Read MoreTPC Releases A New Distributional Analysis Of The Pandemic Relief Bill
The Tax Policy Center has published a new distributional analysis the American Rescue Plan (ARP) that incorporates several relatively minor tax provisions that were not…
Read MoreDoes the American Rescue Plan Ban State Tax Cuts?
Senate amendments to the American Rescue Plan Act prohibit using any of the $350 billion in State and Local Fiscal Recovery Funds to cut taxes, but many are concerned that states which accept the funds could be prohibited from implementing tax cuts between now and 2024—an astonishing level of federal interference in states’ fiscal affairs.…
Read MoreAre State and Local Tax Systems Colorblind?
Tax policies are commonly viewed as race-neutral or “colorblind”— simply because information on race or ethnicity is not reported on tax returns or explicitly referenced…
Read MoreFacts and Figures 2021: How Does Your State Compare?
How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2021 state tax data, explore…
Read MorePhasing in a Corporate Rate Hike Would Be the Worst of Both Worlds
The Biden administration has signaled its openness to raising the corporate tax rate, potentially by phasing in an increase over several years. While phasing in a tax increase, as opposed to hiking immediately, may seem like a reasonable middle ground, it would be the worst of both worlds because it provides old investment with a…
Read MoreKentucky’s Century-Old Gas Tax Is Failing to Keep Up with Road Funding Needs
For the fourth year in a row, a comprehensive infrastructure funding reform bill has been introduced in Kentucky, with the centerpiece being a gas tax increase of 8.6 cents per gallon (cpg). Like many states, Kentucky faces a backlog of road maintenance and construction projects, and existing transportation taxes and user fees are failing to…
Read MoreTo Understand How COVID-19 Affected States, Compare Governors’ New Budgets to Their Pre-Pandemic Plans
In a new analysis , the Tax Policy Center’s State and Local Finance Initiative compared governors’ fiscal year (FY) 2022 budget proposals with their state’s…
Read MorePandemic Bill Would Cut Taxes by An Average of $3,000, With Most Relief Going to Low- And Middle-Income Households
Pandemic bill would Cct taxes by an average of $3,000, with most relief going to low- and middle-income households, according to a new TPC analysis…
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