The Senate Finance Committee held an important subcommittee hearing this week, “Closing the Tax Gap: Lost Revenue from Noncompliance and the Role of Offshore Tax Evasion.” The “tax gap,” which is the difference between the amount of tax rightfully owed by US taxpayers and the amount of tax actually paid, is not small.
President Biden has announced two ambitious, entwined economic policy agendas: raising the corporate tax rate and other taxes on large businesses to pay for a significant increase in spending on a broadly defined set of infrastructure objectives. While the case for at least some increase in infrastructure spending is sound, the case for unwinding the corporate tax reforms enacted in 2017 is not.
In his Forbes article, Personal Finance Contributor Ted Knutson discussed Tuesday’s Senate Committee on Finance hearing that focused on climate change tax reform. During the hearing, leaders on both sides of the aisle asserted that new clean energy laws should be technology neutral, so that no one industry “wins.”
On Tuesday, American Enterprise Institute resident fellow and MGA founder and CEO Alex Brill testified before the U.S. Senate Committee on Finance. The topic of the hearing was the tax treatment of energy. Brill spoke of the criticality of a “broad, efficient, technology-neutral tax policy geared toward encouraging less energy consumption and more renewable energy production” to working toward a reduction in U.S. reliance on fossil fuels—and ensuring a reduction in CO2 emissions.
President Biden’s first signature legislative accomplishment, the American Rescue Plan Act (ARPA), is now law. Nearly $1.2 trillion in fiscal aid will pour into the economy before October, and another $700 billion will be doled out over the next four years. As one of us has written previously, $1.9 trillion is a significant underestimate of the plan’s total cost if temporary expansions of several tax credits are permanently extended. The largest of these temporary policies is the expanded child tax credit (CTC), touted by Democrats as a boon to low- and middle-income households. In addition to being costlier than the sticker price, a permanent CTC expansion, a goal expressed by many Democratic lawmakers, would have the unintended consequence of reducing employment.
Alex Brill joined i24 News’ Natasha Kirtchuk on “Global Eye” to discuss the cargo ship blocking the Suez Canal, and the trade impacts felt around the world.
On fee.org, the website for the Foundation for Economic Education, author Brad Polumbo reported on Alex Brill’s estimates of the true cost of the American Rescue Plan.
Alex Brill recently joined James Pethokoukis on AEI’s Political Economy Podcast to discuss the potential economic impacts of spending initiatives in the wake of the COVID-19 pandemic.
On Tuesday, American Enterprise Institute resident fellow and MGA founder and CEO Alex Brill testified before the Senate Health, Education, Labor & Pensions (HELP) Subcommittee on Primary Health and Retirement Security. The topic of the hearing was the skyrocketing prices of prescription drugs.
Much of the public debate over climate change policy focuses on the cost of reducing emissions, deploying green energy, or building adaptations. A point often lost is that whatever we do, we pay for climate change, even if we do nothing. For officials to arrive at effective solutions, they must know both the cost of the policy options and the cost of inaction.
Last week, President Biden signed into law the $1.9 trillion American Rescue Plan (ARP). The plan provides economic relief to households through the tax code, making several credits fully refundable and advanceable and providing stimulus checks that already started arriving in bank accounts this past weekend. We have created a web application to help users explore how the American Rescue Plan will impact their 2021 federal tax liability.
Alex Brill was recently quoted in Rachel Bucchino’s article on nationalinterest.org, “Joe Biden Is Leading the Charge on a Big Global Tax Hike.” The article examines Treasury Secretary Janet Yellen’s work on a global minimum tax for multinational corporations.
The Senate is poised to consider President Biden’s American Rescue Plan, an elaborate bill recently passed by the House of Representatives through the budget reconciliation process at an estimated cost of $1.9 trillion over the coming decade.
The Child Tax Credit (CTC) is all the rage these days. Democrats and Republicans both are advancing proposals to increase the maximum value of the CTC and make it available to more families. We have developed a web application to accompany our recent report. Design Your Own Child Tax Credit Reform allows any user to compare popular current proposals or choose the parameters of their own preferred custom CTC reform.
Since 1917, tax filers with children have received ever-increasing federal income tax benefits. The tax benefits include deductions for each child or other dependent, lower tax brackets for head-of household filers compared to single filers with similar incomes, and tax credits for children and childcare expenses.
Have a Question?
Get In Touch
Get Our latest news
1350 Connecticut Avenue NW
Washington, DC 20036