Recently, President Biden unveiled his 2022 budget request. Shortly afterwards, and for the first time since the Obama Administration, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, better known as the “Green Book.” As was widely anticipated, President Biden’s budget calls for some significant changes to the capital
Taxes
Differences in Opinion on Racism and Diversity- Florida Lawyers Caught in the Middle Although “[a] simple letter to the Business Law Section…would have sufficed”, the Florida Supreme Court has, on its own motion, made law that denies continuing legal education credit to Florida lawyers for programs presented after April 15 that require diversity among course
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales. It is critical that business owners are set up for success
The Covid-19 pandemic made many pre-existing economic inequalities worse, including the precarious situation of Black and non-white workers and the pressures on women to juggle work and care responsibilities. The pandemic also magnified economic pressures on vulnerable older workers, and our post-pandemic economic and equity policies must include them. Why do older workers matter to the economy? First, they make up
Topline Key Facts The bill would apply an additional 10% tax to individual incomes that exceed $1 million and the income of married couples above $2 million. The surtax would apply equally to wages, for which the top tax rate is 37%, and investment income, including capital gains, for which taxes max out at 20%
We’re not in the midst of a global war — traditionally one of the greatest drivers of tax innovation — but some recent rhetoric surrounding international tax reform has adopted a bit of that flavor. In the heady, early days of the OECD’s base erosion and profit-shifting 2.0 project, the constant message streaming from the OECD’s Paris
Topline As government actions rock the cryptocurrency markets, IRS Commissioner Charles Rettig urged senators Tuesday to provide the agency with the congressional authority to require more reporting on cryptocurrency transactions and holders to increase tax collections, suggesting recent proposals by President Joe Biden’s administration could only be the beginning of heightened U.S. oversight of cryptocurrencies.
It appears that the White House is planning to make the effective date for its proposed tax increase on long-term capital gains retroactive to April 2021. If this were to happen, it may not only seem unfair, but it is also bad tax policy. President Biden’s American Families Plan proposes increasing the tax rate on
Nearly all of President Biden’s proposed tax increases would be borne by the highest income 1 percent of households—those making about $800,000 or more—according to a new analysis by the Tax Policy Center. At the same time, Biden would cut taxes for many low- and moderate-income households and reduce them substantially for those with children.
Today’s column addresses questions about when spousal benefits can become available based on a spouse’s Social Security record, whether a foreign pension will reduce divorced spousal benefits and when a non-covered pension may cause Social Security benefits to be reduced. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president