Month: March 2021

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President Joe Biden is preparing to roll out a $3 trillion infrastructure plan paid for in part by $2 trillion in tax increases on U.S. corporations. The premise is that the economic benefits of government infrastructure spending outweigh the economic harm from an increase in corporate taxes. The Biden administration has yet to make that
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Download Data Table of Contents Key Findings A capital allowance is the amount of capital investment costs a business can deduct from its revenue through the tax code via depreciation. Ideally, countries should provide higher capital allowances, as they can boost business investment which, in turn, spurs economic growth. The average of OECD countries’ capital
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The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims. The IRS issued the announcement as a follow-up to the news earlier this month that it is extending the April 15 tax-filing deadline until May
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Robert Daly | Getty Images The Biden administration is expanding an existing pause on student loan interest and collections to include more than 1.1 million borrowers who are in default, the U.S. Department of Education announced Tuesday. The borrowers, whose defaulted loans are part of the Federal Family Education Loan program, were ineligible for the
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In an effort to rein in perceived excesses in executive compensation, Sen. Bernie Sanders (I-VT) and other co-sponsors have proposed to increase a company’s corporate income tax rate progressively based on the difference between median worker pay and CEO pay. The proposal, titled the “Tax Excessive CEO Pay Act,” fails to acknowledge that the corporate
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The Financial Accounting Standards Board released an accounting standards update Tuesday that gives private companies and nonprofits an accounting alternative to decrease the complexity of performing a goodwill triggering event evaluation. Under current U.S. GAAP, goodwill needs to be tested for impairment when a triggering event happens that indicates that it’s more likely than not
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Table of Contents Executive Summary Income tax repeal is on the agenda in West Virginia, with Governor Jim Justice (R) and Republicans in both the House and Senate releasing plans for dramatically lowering or eliminating the state’s individual income tax. Despite their shared aims, these plans represent vastly different approaches. They are not even aligned
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Senate Democrats are circulating a plan that would trigger tax bills on the assets of the wealthy after they die as the lawmakers seek new sources of revenue to fund trillions of dollars in infrastructure spending and social programs. The draft legislation would seek to end a long-standing feature of the Tax Code that allows