According to the Tax Foundation, the proposed corporate tax increase included in the Build Back Better Act, which was advanced by the U.S. House Ways and Means Committee this week, is higher than it may seem. © Shutterstock In a recent blog post, authors Alex Muresianu and Eric York pointed out while the reconciliation bill […]
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A new report from the U.S. Department of Treasury says the child care market in the United States causes undue burden on American families due to high cost and insufficient supply. © Shutterstock The report bolsters President Joe Biden’s Build Back Better agenda which calls for universal preschool for all 3- and 4-year-old children, expands […]
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Rep. Uifa’atali Amata (R-American Samoa) is touting the potential benefits of a budget reconciliation bill she said would provide American Samoa businesses with new tax credits.© Shutterstock Amata indicated the legislation would enable deduction of 20 percent of wages and benefits up to $50,000 and 50 percent up to $141,000 for certain qualifying small businesses. […]
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The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury have suspended certain provisions that had been added to the Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac on Jan. 14, 2021.© Shutterstock The suspended provisions include limits on Fannie Mae and Freddie Mac’s cash windows, multifamily lending, loans with […]
A group of Republican members of the U.S. House of Representatives have expressed concerns to Congressional leaders and Biden Administration officials about a proposal on Internal Revenue Service (IRS) data collection that would increase tax information reporting requirements on financial institutions.© Shutterstock The proposal would require financial institutions to report certain transaction level data as […]
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Securities and Exchange Commission (SEC) filed a complaint against a trio of media companies, alleging illegal unregistered offering of common stock.© Shutterstock The SEC recently levied charges against New York City-based GTV Media Group Inc. and Saraca Media Group Inc., as well as Phoenix, Arizona-based Voice of Guo Media Inc., regarding illegal unregistered offering of […]
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U.S. Rep. Kevin Brady (R-TX) and U.S. Sen. Mike Crapo (R-ID) recently introduced a bill that would address the tax gap and initiate reforms within the Internal Revenue Service. © Shutterstock Their bill, the Tax Gap Reform and Internal Revenue Service (IRS) Enforcement Act, H.R. 5206/S. 2721, would require the IRS to provide annual tax […]
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U.S. Sen. Ron Wyden (D-OR) introduced draft legislation to close loopholes that allow wealthy investors and large corporations to use pass-through entities, primarily partnerships, to avoid paying higher taxes. © Shutterstock Wyden’s bill would remove the complexity that exists in current partnership rules by closing certain loopholes. By closing these loopholes, an additional $172 billion […]
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U.S. Rep. Patrick McHenry (R-NC), the top Republican on the House Financial Services Committee, filed a discharge petition to force consideration of the Renter Protection Act, on the House floor. © Shutterstock This bill, H.R. 3913, seeks to expedite payments from the the $46 billion in Emergency Rental Assistance money so it can be used […]
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Insured Retirement Institute (IRI) officials said the organization supports proposed House Ways and Means Committee legislation that would result in small business workers gaining workplace retirement savings plan access. Per the IRI, the bill would also present employees with the opportunity to choose a protected lifetime income solution within a plan similar in scope to […]