Items tagged with Tax:
News & Updates:
Lawmakers announce agreement to avoid government shutdown; A bi-partisan bill was proposed to ban drilling for oil and natural gas in an Alaskan wildlife refuge; A bi-partisan bill was introduced to help attract cyber security experts to the public sector through partnership with private companies; Legislators have launched efforts to repeal the cap on State and Local Tax deductions; Metrics indicate the greatest number of job openings are available now than in 19 years.
In a discussion on carbon tax legislation, or lack thereof, Penn Law Professor Cary Coglianese examines the covert ways in which climate change has actually incurred an unfair and often disparate charge on US citizens due to events such as property damage from natural disasters and depreciating air quality following mass fires.
Reports indicate that President Trump is still considering to circumvent legislatures and build a wall through an emergency declaration; House Democrats set the ground work to chip away at the GOP tax law; EPA announces intent to complete a new rule to boost higher ethanol blend gasoline; Midlevel negotiations between US and China wrap up, with some indication of productive discussion; Minutes from the FOMC reveal ambiguity towards the need for rate hikes.
Wharton Professor Kevin Werbach is not convinced of Overstock’s actions by paying Ohio state taxes in bitcoin. He indicates that Overstock’s tactic is a “PR-stunt” to make people believe that the state of Ohio is “crypto-currency friendly”. Also, he suggests that paying state taxes in bitcoin provides no benefit to Overstock.
Though unlikely to pass the senate, House passes a tax package; Government to be shutdown over border wall funding; President moves to restrict food stamp access; GDP growth revised downwards for third quarter; Consumer sentiment rises in the month of December.
American Petroleum Institute: Motor Fuel Taxes
The American Petroleum Institute (API) is the only national trade association that represents all aspects of America’s oil and natural gas industry. Here is a summary report on gasoline and diesel taxes. This report is updated quarterly. API collects motor fuel tax information for all 50 states and compiles a report and chart detailing changes and calculating a nationwide average.
Government Accountability Office: Tax Policy and Administration
The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the “congressional watchdog,” GAO investigates how the federal government spends taxpayer dollars. GAO supports congressional oversight by:
• auditing agency operations to determine whether federal funds are being spent efficiently and effectively;
• investigating allegations of illegal and improper activities;
• reporting on how well government programs and policies are meeting their objectives;
• performing policy analyses and outlining options for congressional consideration; and
• issuing legal decisions and opinions, such as bid protest rulings and reports on agency rules.
Quick link to Tax Policy and Administration Reports: http://www.gao.gov/browse/topic/Tax_Policy_and_Administration
Internal Revenue Service: Tax Statistics
Find statistics on business tax, individual tax, charitable and exempt organizations, IRS operations and budget, and income (SOI), as well as statistics by form, products, publications, papers, and other IRS data.
Quick link to Tax Statistics, where you will find a wide range of tables, articles, and data that describe and measure elements of the U.S. tax system: http://www.irs.gov/uac/Tax-Stats-2
Sales Tax Institute
Quick link to Resources page where you can find updated (and some historical) information regarding sales tax rates by state, sales tax holidays, sales tax amnesty programs: http://www.salestaxinstitute.com/resources
Tax Policy Center
The Tax Policy Center is a joint venture of the Urban Institute and Brookings Institution . The Center is made up of nationally recognized experts in tax, budget, and social policy who have served at the highest levels of government.
The Tax Policy Center estimates the revenue and distributional impact of tax proposals using a state-of-the-art microsimulation model of the federal tax system. Our searchable database includes distribution tables that show how proposals alter tax liabilities and after-tax income, by dollar income class and by percentiles of the income distribution. We also periodically estimate the distribution of various federal taxes under current law, show how recent tax changes have altered that distribution, and examine other important issues such as the impact of the individual alternative minimum tax (AMT) and the distribution of the estate tax under current law and alternative policy options.
Quick link to TPC’s Tax Model: http://www.taxpolicycenter.org/numbers/index.cfm