Taxes

Last year, Brad and Penny Bibey realized they could make a killing selling their Camarillo, Calif. house, 60 miles west of Los Angeles and just five minutes from the beach in the booming real estate market of Ventura County. They’d lived in the house for 23 years, and in the city for 35, but were

Earlier this week the House Ways and Means Committee released 881 pages of a proposed bill that would make many changes to income, estate and gift taxes. I covered changes to the Estate and Gift Tax system in an earlier post titled Estate Tax Law Changes – What To Do Now with the assistance of

On September 13, 2021,  the House Ways & Means Committee released far-reaching tax proposals included in the $3.3 trillion reconciliation legislation under active consideration by Congress. It is likely that many substantive changes will be made during that process of making this into law. Most of the proposed changes are effective after December 31, 2021,

On September 13th, the House Ways and Means Committee released its tax proposals as a markup to the Build Back Better Act, the Democrats’ $3.5 trillion reconciliation package bidding to avoid a filibuster and pass on a straight party-line vote. The markup won’t be the final word on the tax changes to the Act; it

The tax legislation floating around the House Ways and Means Committee that doesn’t seem to have a name includes a provision that supporters of conservation easement deductions have either longed for or dreaded. The Partnership for Conservation (P4C), the trade association for the conservation easement syndication business, is opposed to the legislation. Land Trust Alliance, on the

Starting in July, many parents began receiving monthly payments of the Child Tax Credit (CTC). A new IPSOS survey as well as Urban Institute interviews suggest these regular payments will help families make ends meet. Families report they’ll use the credit to catch up with past due bills and pay regular expenses such as rent

In this Tax Notes Talk episode, Tax Notes contributing editor Nana Ama Sarfo interviews Mark Strimber of RSM US LLP, who provides an overview of the global minimum tax rule featured in the OECD/G-20’s two-pillar project and discusses the effect it could have on various tax regimes. This transcript has been edited for length and clarity. Nana

By Alan S. Gassman and Brandon Ketron House Democrats provided a not so welcome distraction for high bracket and wealthy taxpayers from the ongoing pandemic and evacuation of Afghanistan this morning by releasing their plan to adjust how basic income and estate taxes will work for businesses and families, and the two certainties in life

Today’s column addresses questions about how many years a couple must be married before one could be eligible for survivor’s benefits on the other’s record, how month of filing affects when delayed retirement credits are paid and what week of the month benefits are paid. Larry Kotlikoff is a Professor of Economics at Boston University

The highly controversial Infrastructure bill is being looked at by the Ways and Means Committee. The Committee of Ways and Means is the chief tax-writing committee of the United States House of Representatives. The Committee has jurisdiction over all taxation, tariffs, and other revenue-raising measures and a number of other revenue-generating programs. Ways and Means

The House Ways & Means Committee has released draft legislation of individual tax hikes they propose to pay for the $3.5 trillion social policy budget plan under consideration. It includes major revisions to the estate tax, capital gains taxes and the way retirement accounts are taxed. The top capital gains tax rate would be 25%.

It increasingly seems as if tax laws will now be made largely through the budget process, which will likely usher in a host of fast and furious changes. Here is what to expect as Congress charges ahead toward a reconciliation bill. Reconciliation might not actually be finished in September. The committees have a deadline of September 15

Bitcoin and other cryptocurrencies dropped steeply on September 7 despite the feel-good news that El Salvador has made bitcoin legal tender along with U.S. dollars. In fact, the crypto flash crash wiped out $400 billion in market value. Bitcoin itself dipped about 10% to less than $44,000 but recouped some of that by day’s end.

Federal unemployment benefits ended this month for millions of Americans and data show that workers in Virginia might feel it the most. The federal government’s enhanced unemployment benefit added $300 to weekly unemployment checks issued by states and also expanded coverage to the self-employed and freelancers, such as rideshare drivers and musicians. That expansion, called

As Congress debates whether to extend the major, but temporary, changes to the Child Tax Credit (CTC) it adopted earlier this year, a crucial question is whether it should keep the credit fully refundable. A new Tax Policy Center analysis finds that, for low-income families, full refundability is a key element of the CTC reforms. For families

Topline Senators Sherrod Brown (D-Ohio) and Ron Wyden (D-Ore.) proposed a bill Friday to levy a new tax on the booming market for corporate stock buybacks, putting yet another target on Wall Street as Democrats propose a slew of new tax measures to help shore up funds for a $3.5 trillion budget bill facing tough

By Chris Farrell, Next Avenue Whew! The pandemic had a smaller impact on the Social Security trust funds — that is, Social Security’s solvency — than many feared during the depths of the pandemic downturn. According to the new 2021 annual report from the Social Security Trustees, the depletion date for the combined trust funds —retirement and

Do Americans need a nudge from their employers—and a handout from Washington—to get them to save for retirement? That’s the premise behind draft retirement language in the the House Ways and Means Committee mark up of the $3.5 trillion budget reconciliation package. Under the proposal, starting in 2023, employers with five or more employees would

When Congress debates major legislation, the public often focuses on a single narrow issue—one frequently irrelevant to the main point of the bill. It happened when the Senate debated the $1 trillion infrastructure measure last month: Many paid outsized attention to tax reporting for cryptocurrency, a proposal that would have funded less than 3 percent

Congress is heading into a heated debate about how much taxes should be raised to finance President Biden’s Build Back Better agenda. While pragmatic Democrats may not agree with every proposal being considered, there is one that the whole party should unite behind: closing the step-up basis loophole. When investors sell an asset, such as