Federal Tax

Yesterday, Senate Finance Chairman Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) introduced a bill that would extend 29 currently expired tax incentives for 2018 and 2019. Extending temporary tax provisions is not good tax policy, and it’s an especially bad idea to do so retroactively and in the middle of the tax filing season.
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Key Findings Personal saving and investment are necessary for long-term economic growth. Though the tax code provides several types of accounts that receive proper tax treatment for narrow saving purposes, their elaborate rules and restrictions complicate and discourage saving. The creation of universal savings accounts (USAs) would help people to save. USAs are all-purpose accounts
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Earlier this month, OpportunityDb highlighted 15 National Football League stadiums that are in Opportunity Zones. While the Opportunity Zone program is meant to spur long-term investment in economically distressed areas, these NFL franchises are now eligible for capital gains tax breaks on stadium-related investments. Here are a few examples (you can read the entire article
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Tax filing season for 2018 opened yesterday, leaving many individuals to wonder: Did my taxes actually go down in 2018 as policymakers promised? Too many will be tempted to compare their 2017 tax refunds to their 2018 tax refunds and make a judgment that way. But that sort of analysis misses a key part of
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Last week, the Austrian cabinet met to plan the political agenda for 2019 and outline plans for changes to tax policy that will take place over the next few years. The current government has been in place since the end of 2017, and tax reform has been a main part of the agenda since. At
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Key Findings The Tax Cuts and Jobs Act created the Opportunity Zones program to spur investment in economically distressed census tracts. Opportunity zones reduce capital gains taxes for individuals and businesses who invest in qualified opportunity zones. Opportunity zones were estimated to cost $1.6 billion in revenue from 2018-2027. New regulations stipulate that the program’s
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This week is the first anniversary of the passage of the Tax Cuts and Jobs Act. The first meaningful reform to the federal tax code in a generation, the Tax Cuts and Jobs Act was historic, but it was not perfect. A year after its adoption, it’s important to take a step back to review
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On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep,” when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. The IRS used to
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Key Findings In general, large industrialized nations tend to have higher statutory corporate income tax rates than developing countries. The worldwide average statutory corporate income tax rate, measured across 208 jurisdictions, is 23.03 percent. When weighted by GDP, the average statutory rate is 26.47 percent. The average top corporate rate among EU countries is 21.68
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Greece has faced some of the most difficult economic challenges in the developed world over the last decade. Instead of growing, the Greek economy has contracted in eight of the last 10 years, growing by small amounts in just 2014 and 2017. In 2011, the Greek economy shrank by 9.2 percent. The unemployment rate peaked
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