Month: September 2021

One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered. The tax would be $0.20 per pound of virgin plastics used to make single-use plastics products. While few details have been released about this pay-for,
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Democratic Senator Joe Manchin wants the social spending package that would encompass the bulk of President Joe Biden’s economic agenda cut by more than half to $1.5 trillion. Manchin’s position, reinforced by him on Thursday, leaves Democrats far from an agreement on the so-called reconciliation bill, which spans spending on health, education and climate initiatives.
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Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for than either
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Recent proposals from the Biden administration and congressional Democrats aim to hike taxes on the foreign profits of U.S. multinationals, resting on the claim that U.S. multinationals pay very low tax rates on these foreign profits. But how heavily taxed are they, and how would various proposals affect these tax rates? U.S. multinational enterprises (MNEs)
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The Superfund is on its way back. Originally enacted in 1980 as the Hazardous Waste Contamination Act, the Superfund was an excise tax assessed against the chemical, oil and gas industries, according to John Beatty, general manager over excise tax at Avalara. “It hit anyone who used items from a certain list of chemicals that
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Seven new members have joined the Internal Revenue Service’s Electronic Tax Administration Advisory Committee. The committee is a public forum for the discussion of issues in electronic tax administration with a primary goal is to promote paperless filing of tax and information returns. ETAAC members also work with the Security Summit, a joint effort of
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Democrats in Congress are considering a plan that would require banks to report accounts with at least $10,000 to the Internal Revenue Service — well above the Biden administration’s proposed $600 threshold — while also exempting some common transactions from the law. “We’ve made some significant movement on the number,” House Ways and Means Committee
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