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Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical. The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating — should their amendment get
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With several states contemplating legalization of recreational marijuana, and federal lawmakers starting the process of federal descheduling, it is a good time to examine the tax implications of legalization. Taxes play a crucial role in the success of marijuana reform, as competitive prices in a licensed market are key to convert illicit consumption to the
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A vehicle miles traveled (VMT) proposal gaining steam in Pennsylvania would be the equivalent of a state gas tax of more than $2 per gallon, and that’s not all the Commonwealth is considering. With infrastructure spending and taxation—both state and federal—the topics of the day, Pennsylvania’s recently appointed Transportation Revenue Options Commis­sion (TROC) has published
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The Biden administration’s proposals to increase transfer payments and expand federal benefits in many ways resemble the social safety net policies of Scandinavian countries. To fully follow the Scandinavian model would require additional taxes that place a higher burden on middle-income earners, but instead, Biden proposes higher taxes on corporations and households making more than
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The problem with some tax credits; a PPP forgiveness portal; crypto replies; and other highlights from our favorite tax bloggers. Slight detours National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A previous blog set out the initial stages of a tax return’s journey once it’s been filed, including certain detours a return may take as it goes through reviews
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