Federal Tax

Right now, the public health emergency and financial crisis created by shelter-in-place, social distancing, and quarantine orders must be met with fast legislative response to provide temporary economic relief. Senate Republicans proposed the CARES Act last week, while House Democrats released their own proposal yesterday. The differences between the proposals are huge, raising the issue
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Countries around the world are implementing emergency tax measures to support their debilitated economies under the coronavirus (COVID-19) threat. Providing tax relief to the people and companies that are most affected, until the emergency abates, is welcome. Countries should consider tax relief measures because the health issue is creating a substantial economic shock. Taxes that
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The coronavirus crisis is creating an unprecedented economic shock, and lawmakers are debating how to use fiscal policy tools to stimulate the economy and accommodate businesses and households during the public health emergency. One word frequently mentioned in these conversations is liquidity, which describes whether firms and individuals have enough cash (or assets that can
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A recent report on tax revenue sources shows the extent to which the United States and other OECD countries rely on different taxes for government revenues. Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average. In the United States, individual
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Income inequality, and what should or should not be done about it, is one of today’s most hotly contested economic debates. And as such, it’s had a big impact on how the tax policy debate has evolved recently. Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT), for example, have both released detailed proposals to enact
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With Super Tuesday approaching, the six top Democratic presidential candidates continue to hone their tax proposals in order to address income inequality and raise additional federal tax revenue. Some candidates propose changing the tax treatment of deferred assets, specifically assets passed onto heirs after death. For example, shortly after launching his campaign, former Vice President
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Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal healthcare, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2018, Denmark’s tax-to-GDP ratio was at 44.9 percent, Norway’s at 39.0 percent, and Sweden’s at 43.9 percent.
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