Taxes

Key Findings A broad-based financial transaction tax (FTT)­ in the United States would be a substantial revenue source. For example, the Inclusive Prosperity Act proposed by Sen. Bernie Sanders (I-VT), with an FTT levied at 0.5 percent on stocks, 0.1 percent on bonds, and .005 percent on derivatives, has been estimated to raise between approximately
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Key Findings: The American nicotine market is developing faster than ever due to introduction of non-combustible recreational nicotine products. These new products, along with a greater consciousness about the dangers of smoking, have prompted millions to give up smoking. This contributed to federal and state excise tax collections on tobacco products declining since 2010. Excise
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When Congress voted in December to repeal the Affordable Care Act’s “Cadillac tax” on high-cost employer-sponsored health insurance plans (ESI), it took health policy in exactly the wrong direction. Rather than fully preserving the exclusion from taxable income of these insurance benefits, Congress should have further scaled it back, or even repealed it. That step
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Democracies become oligarchies when wealth is too concentrated. So begins a letter by Berkeley economists Emmanuel Saez and Gabriel Zucman about presidential candidate Bernie Sanders’ wealth tax proposal. This is not the kind of language usually used by economists, but I have to admit: I’ve been singing “you say you want a revolution” ever since
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Treasury’s Inspector General’s office will investigate TCJA’s Opportunity Zones. Democratic Senator Cory Booker and representatives Emanuel Cleaver and Ron Kind  requested the investigation following reports in The New York Times and ProPublica that Treasury OK’d designated zones based on political influence rather than merit.  “If the Treasury Department provided a stamp of approval as a
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On January 15, I testified before the House Budget Committee on how to strengthen the federal-state-local government partnership. I urged Congress to revise funding formulas to better respond to regional differences and economic shocks and to adopt a more predictable federal budget process. I made four main points:  1. States and localities are key economic players
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Getty The Affordable Care Act’s individual mandate and shared responsibility payment are facing yet another challenge after the Tax Cuts and Jobs Act reduced the shared responsibility payment to zero in 2017 leaving access to healthcare for the uninsured unfortunately unclear. The ACA had resolved the matter — by imposing a tax, it eliminated nonpayers. The TCJA
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President Trump signed a partial trade deal with China. The 86-page agreement maintains many of the tariffs Trump imposed over the past two years and does little to address Chinese industrial subsidies or its theft of US intellectual property, which were key stated goals of Trump’s aggressive trade policy. China is supposed to purchase an
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Under a territorial tax system, international businesses pay taxes to the countries in which they are located and earn their income. This means that territorial tax regimes do not generally tax the income companies earn in foreign countries. A worldwide tax system, on the other hand—such as the system previously employed by the United States—requires
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Democracies become oligarchies when wealth is too concentrated. So begins a letter by Berkeley economists Emmanuel Saez and Gabriel Zucman about presidential candidate Bernie Sanders’ wealth tax proposal. This is not the kind of language usually used by economists, but I have to admit: I’ve been singing “you say you want a revolution” ever since
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Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Tennessee (9.53 percent), Louisiana (9.52 percent), Arkansas (9.47
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Share to facebook Share to twitter Share to linkedin The deal includes Chinese commitments to buy more U.S. goods in four industries. Costfoto/Barcroft Media via Getty Images Topline: With the Phase One trade deal signing scheduled for tomorrow, new details have emerged about China’s pledge to significantly ramp up purchases of U.S. exports including manufactured
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Comfortable retirement: Still out of reach for most. (Photo by Andrew Lichtenstein/Corbis via Getty … [+] Images) Corbis via Getty Images Congress ended 2019 by producing a budget of sorts. That fact, in itself, constitutes a rare accomplishment for this country’s dissipated and ever-distracted representative bodies. Such documents, as always, offer much to praise or
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