In a new analysis, the Tax Policy Center finds the tax provisions of the Inflation Reduction Act (IRA) are highly progressive. Taxes would rise by $6,060 (0.3 percent of after-tax income) in 2023 for households in the top 1 percent—with incomes greater than about $1 million. Households in the top 0.1 percent (those with over … Read more
With the near-certain enactment of the Inflation Reduction Act, the Internal Revenue Service is on track to receive an additional $80 billion in funding over the next decade. Now it’s up to the Administration, the IRS, and Congress not to miss this opportunity to bring the nation’s primary tax collector into the 21st century. It … Read more
What You Need To Know About The Manchin-Schumer Compromise After more than a year of often-fraught negotiations, Senator Joe Manchin (D-WV) says he has agreed to a slimmed down tax, health care, climate, and energy bill. The details of the agreement, which Manchin brokered with Senate Majority Leader Chuck Schumer (D-NY), were closely held until … Read more