Don’t fall for the inflation fear-mongering

Congress is back in session this week and negotiations over President Biden’s Build Back Better Act continue. House Democrats are waiting for the Congressional Budget Office (CBO) to release its cost estimate for the package and then, hopefully, a vote will be held immediately after, as soon as this Friday. There are still obstacles in the Senate, however. Some Senators, most notably Joe Manchin, claim to … Continue reading Don’t fall for the inflation fear-mongering »

Want to fix the economy? Tax the rich

Even though Congress is out of session this week, the fight for fair taxation continues. House and Senate Democrats are still deciding what to do with the State and Local Tax (SALT) cap, which sets a limit on the amount of state and local taxes that taxpayers can deduct from their federal tax bills. The House plan would raise the cap from $10,000 to $80,000, … Continue reading Want to fix the economy? Tax the rich »

Fighting over SALT and the Virginia Election

This week, the big fight in Congress is over the SALT cap. Since the passage of the Trump tax bill in 2017, wealthy taxpayers in higher tax states like New York and New Jersey have had a cap on the amount of state and local taxes that they can deduct from their federal tax bill. Pressured by a cadre of blue state billionaires looking to … Continue reading Fighting over SALT and the Virginia Election »

Corporate Minimum Tax and Millionaire Surtax Highlight Biden’s Reconciliation Framework

Momentum is building this week in Congress behind President Biden’s Build Back Better Agenda as House and Senate Democrats negotiate how they are going to raise revenue linked to the roughly $2 trillion new spending that the reconciliation bill would introduce. Yesterday, Oregon Senator Ron Wyden officially unveiled his Billionaires Income Tax plan which, as we highlighted earlier this week, would tax the richest Americans … Continue reading Corporate Minimum Tax and Millionaire Surtax Highlight Biden’s Reconciliation Framework »

American Workers Are Fed Up and Fighting Back

This week, an unprecedented number of workers around the country have gone on strike. Over 100,000 workers across a variety of industries have voted to vacate their positions and join picket lines, demanding better wages, hours, and working conditions from big-box corporations and their C-suite executives. In light of this, the AFL-CIO cheekily renamed this month “Striketober” on Twitter. Striketober is just one of many … Continue reading American Workers Are Fed Up and Fighting Back »

A Victory for International Tax Fairness

Last Friday, the Organization for Economic Cooperation and Development (OECD), an international organization of countries working together toward economic progress, announced that 136 countries, including the United States, have agreed to a global minimum corporate tax rate of 15%. This is huge news. For far too long, countries around the world have engaged in a “race to the bottom” with regards to corporate taxes. Countries … Continue reading A Victory for International Tax Fairness »