2021 saw more than its share of terrible ideas, and worse execution. Here are the Top Ten
President Biden’s promise to never raise taxes for those making $400,000 or less may have helped him win the 2020 election but it created a policy mess. Congress had to stand on its head to make sure BBB tax increases didn’t violate the pledge. It complexified some proposals and dropped others.
: About 95 percent of households make less than $400,000, which is six times median household income. Any alternative tax is an admission of policy defeat. Congress is saying it can’t make the regular tax work so itBut using financial statement income as a tax base is especially fraught. It likely will result in less accurate disclosure to shareholders and won’t reduce tax gaming. And, in the end, book income could end up looking a lot like the flawed corporate income tax base.
. Some blame falls on the pandemic and chronic underfunding but this mess doesn’t make the IRS any friends. OK, Democrats want to aid their House members from high-tax districts who are demanding relief from the $10,000 cap on the state and local tax deduction. But why would they want topercent of household income. There are better ways to provide SALT cap relief and still claim victory.. It is a case study of dysfunctional government.
insisted on big new programs that never could pass. And moderates opposed various versions but often sent inconsistent messages about alternatives. Democrats burned most of 2021 on the bill. Will they build back anything in 2022? Despite it all, happy holidays from the TaxVox. May 2022 be better than 2021. And may it be a year when we all can work together to design a better tax system.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Biggest Fashion Collaborations of 2021High-fashion mashups and celebrity partnerships were the highlights of the year in fashion collaborations.
Read more »
Our most read shortage explainers of 2021As economies roared back in 2021 following lockdowns imposed by the pandemic, supplies of everything from goods to workers and energy struggled to keep up
Read more »
Earthquake, Magnitude 6.2 - OFFSHORE NORTHERN CALIFORNIA - 2021 December 20, 20:10:18 UTCMagnitude: Mw 6.2, Region: OFFSHORE NORTHERN CALIFORNIA, Date time: 2021-12-20 20:10:18.4 UTC, Location: 40.31 N ; 124.74 W, Depth: 9 km.
Read more »
Supply of corporate debt labeled 'green' bonds from big U.S. companies soars 73% in 2021Supply of new green bonds from U.S. investment-grade companies this year jumps 73% to $84 billion in 2021, but borrowing costs are lower too, according to...
Read more »
The Top 10 ADDitude Webinars of 2021From the emotional symptoms of ADHD to behavior problems in children and “revenge bedtime procrastination” in adults, ADDitude hosted nearly 50 webinars in 2021 covering a wide range of topics. Here, revisit our top webinars (and honorable mentions), read accompanying resources, and preview our 2022 webinar calendar.
Read more »
The 15 Funniest TV Shows of 2021These shows made us laugh. We like these shows. That's why we're calling them the 15 funniest TV shows of the year. Thanks, shows.
Read more »