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Federal Plastics Tax Is Not a Good Revenue Raiser

One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered. The tax would be $0.20 per pound of virgin plastics used to make single-use plastics products. While few details have been released about this pay-for, […]

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The morning read for Thursday, Sept. 30

Happening this a.m.: The Senate Judiciary Committee will hold a hearing on Texas’ abortion law and the role of the Supreme Court’s shadow docket. It’s the second congressional hearing on the shadow docket. Back in February, a House Judiciary panel also examined the issue. Source

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How Heavily Taxed Are U.S. Multinationals?

Recent proposals from the Biden administration and congressional Democrats aim to hike taxes on the foreign profits of U.S. multinationals, resting on the claim that U.S. multinationals pay very low tax rates on these foreign profits. But how heavily taxed are they, and how would various proposals affect these tax rates? U.S. multinational enterprises (MNEs) […]

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Carbon Tax: Weighing the Options for Financing Reconciliation

Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for than either […]

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Court rejects request to postpone Texas execution

CAPITAL CASE By Amy Howe on Sep 28, 2021 at 8:27 pm The Supreme Court on Tuesday declined to block the execution of Rick Rhoades, a Texas inmate who was sentenced to death for the 1991 stabbing death of two brothers during a robbery. There were no public dissents from the court’s one-sentence order. Shortly […]

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History of Attempted Changes to Step-Up in Basis Shows Perilous Road Ahead

As Congress considers President Biden’s proposal to tax unrealized capital gains at death, the history of previous efforts suggests it faces a perilous road ahead. Lawmakers must resolve tricky design and implementation details that derailed past attempts to change how capital gains are treated when assets are passed from one generation to the next. Under […]

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U.S. Corporate Income Faces Third-Highest Integrated Tax Rate in OECD Under Ways and Means Plan

Under the House Ways and Means tax plan, the United States would tax corporate income at the third-highest integrated tax rate among rich nations, averaging 56.6 percent. The integrated tax rate reflects the two layers of tax that apply to income earned through corporations: the entity-level corporate income tax and the shareholder-level capital gains and […]

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The morning read for Monday, Sept. 27

WHAT WE’RE READING By James Romoser on Sep 27, 2021 at 9:39 am Each weekday, we select a short list of news articles, commentary, and other noteworthy links related to the Supreme Court. To suggest a piece for us to consider, email us at roundup@scotusblog.com. Here’s the Monday morning read: Posted in Round-up Recommended Citation: James […]

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Four petitions on the constitutionality of the Indian Child Welfare Act

By Andrew Hamm on Sep 24, 2021 at 2:59 pm This week we highlight cert petitions that ask the Supreme Court to consider, among other things, whether the Indian Child Welfare Act of 1978 violates equal protection under the Fifth Amendment and the anti-commandeering doctrine of the 10th Amendment and whether BB&T’s arbitration agreement as […]

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Latest White House Report Tells Incomplete Story on Average Tax Rates for Wealthy

Echoing other reports from this year, the White House Council of Economic Advisors (CEA) published a report Thursday that estimates an approximate average federal individual income tax rate for the top 400 wealthiest households in the U.S of 8.2 percent, lower than typically estimated for top earners. The CEA arrived at a lower tax rate […]