Yellen: Inflation is “unacceptable.” , tax policy center

Treasury Secretary Tells Senate Finance Committee: Inflation is global; Domestic policies can help Americans. Treasury Secretary Gento Yellen accepted Yesterday the US faced “macroeconomic challenges, including unacceptable levels of inflation.” He said the administration would likely increase its inflation forecast and called on Congress to reduce the cost burden facing families. He described the problem as global, exacerbated by Russia’s war in Ukraine. Meanwhile, the World Bank warned the world risk inflation,

Is the Global Tax Deal in Trouble? new York Times now volatile reviews The status of the deal due to political battles here and abroad.

And Germany’s finance minister dismissed an oil industry windfall tax. Finance Minister Christian Lindner says doing so will only harm and can lead to inflation.

New cryptocurrency bill introduced, The Responsible Financial Innovation Act (RFI), was introduced by Democrat Sen. Kirsten Gillibrand of New York and Republican Sen. Cynthia Loomis of Wyoming. They say that this “will create a workable structure” for digital asset taxation and will provide a regulatory sandbox for cryptocurrencies and state and federal regulators to collaborate on innovative financial technologies.” But TPC John Buhl warns The bill includes a huge, unnecessary tax break for crypto miners and stakeholders.

Will economic prosperity last? The Federal Reserve found economic welfare improving in 2021. But TPC’s Elaine Maag worried That this may not continue into 2022, especially if the job market slows and government support for low-income families is not expanded.

Tune in this morning to learn about international spillovers in tax policy. At 10:30, TPC hosts a virtual event featuring keynote speaker Rosen Altschuler. She will address international tax spillover and the roles played by home countries, host countries and multinational corporations. The two expert panels will discuss how the US corporate tax has affected the intellectual property space and how the US might design a carbon tax that moves production to countries with low carbon prices. see here,

The Pennsylvania House Finance Committee approved medical marijuana tax relief. part of a comprehensive tax package, provision will be allowed Medical marijuana businesses to receive a state tax deduction for expenses currently prohibited under federal tax law.

In two weeks: machine learning and tax enforcement? In 2017, the IRS adopted techniques including data mining and clustering to find fraud and other types of non-compliance by individuals claiming tax refunds. The Biden administration’s proposal to increase the IRS budget to $78 billion over the next decade includes some additional funding to further develop machine learning to improve the agency’s enforcement. Feather Tune in for the TPC event, June 22 How machine learning can detect non-compliance, and the implications of using artificial intelligence and emerging data technologies on society and governance.

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