![mark-to-market definition MTM tax New York Stock Exchange (NYSE) threatens to relocate servers over New Jersey financial transaction tax. Learn more about NJ financial transaction tax proposal.increasing taxes on capital gains, increasing capital gains taxes, increasing capital gains tax](https://taxfoundation.org/wp-content/uploads/2019/08/linkedin-In-Stream_Wide___finance-stock-market-trading-wall-street-financial-e1564765901421-300x158.jpeg)
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![mark-to-market definition MTM tax New York Stock Exchange (NYSE) threatens to relocate servers over New Jersey financial transaction tax. Learn more about NJ financial transaction tax proposal.increasing taxes on capital gains, increasing capital gains taxes, increasing capital gains tax](https://taxfoundation.org/wp-content/uploads/2019/08/linkedin-In-Stream_Wide___finance-stock-market-trading-wall-street-financial-e1564765901421-300x158.jpeg)
![IRS reporting plan to require financial institutions to report inflows and outflows of bank accounts. IRS bank account proposal, IRS bank reporting, IRS audit bank account proposal from Biden Treasury, IRS reporting requirements](https://taxfoundation.org/wp-content/uploads/2021/10/Treasury-DC-e1634740803562-300x200.jpeg)
Proposal for Reporting Requirements for Financial Institutions Misses the Mark
Reducing the tax gap is a good idea, but the reporting requirements for financial institutions could be better-targeted at the problem at hand.
4 min read![Reducing the tax gap Most of the US tax gap comes from the individual income tax. Tax gap, tax enforcement, and tax compliance costs](https://taxfoundation.org/wp-content/uploads/2021/07/Most-the-US-tax-gap-comes-from-the-individual-income-tax.-Tax-gap-tax-enforcement-tax-compliance-300x212.png)
![Wyden mark-to-market tax proposal. Explore Wyden financial services tax proposals, including Wyden carried interest tax, Wyden derivatives tax, and Wyden hedge funds and private equity tax](https://taxfoundation.org/wp-content/uploads/2021/08/Capitol-CROP-e1631034712985-300x141.jpg)
Wyden’s Financial Services Tax Proposals Would Put “Mark-to-Market” to the Test
Mark-to-market is not simple to implement, as it involves new administrative and compliance challenges for taxpayers. Mark-to-market levies tax on phantom income, requiring some taxpayers to engage in some degree of liquidation, ultimately suppressing incentives to save and invest. The limited tax revenues that could result from these proposals are not worth the risk.
5 min read![temporary tax policies in budget reconciliation, Tax Provisions Expiring After 2025, TCJA expirations](https://taxfoundation.org/wp-content/uploads/2021/08/tax-extenders-tax-expirations-calendar-time-date-e1630345634537-300x200.jpeg)
Don’t Add More Temporary Tax Policies in Budget Reconciliation
Temporary policy creates uncertainty for taxpayers and scheduling more expirations will add to the already-expiring provisions under the Tax Cuts and Jobs Act (TCJA) of 2017.
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5 Things to Consider in the Tax Gap Discussion
Increasing tax compliance is a major part of the Biden administration proposal to raise revenue for physical and social infrastructure. Reducing the tax gap—the difference between taxes owed and taxes paid—is a good way to raise revenue, but it doesn’t come without trade-offs, and it’s important to go about it in the right way.
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Considering Trade-offs to Improving Tax Collections
Recent Biden administration proposals rely heavily on revenue from better IRS tax collections to fund spending initiatives. The American Families Plan uses several avenues to reduce the tax gap (or the difference between taxes paid and taxes owed), from increasing the IRS’s tax enforcement budget to improving information technology and expanding reporting requirements.
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Does Your State Have an Individual Alternative Minimum Tax (AMT)?
The original goal of AMTs—to prevent deductions from eliminating income tax liability altogether—can be accomplished best by simplifying the existing tax structure, not by creating an alternative tax which adds complexity and lacks transparency and neutrality.
2 min read![Digital tax debate, Digital taxes around the world, Digital economy taxes](https://taxfoundation.org/wp-content/uploads/2020/04/digital-internet-work-technology-e1587071388784-300x200.jpg)
Striking Right Balance for Cryptocurrency Reporting Requirements in Bipartisan Infrastructure Package
While it makes sense to ensure cryptocurrency transactions are treated similarly to other financial assets, the nature of these requirements as written are potentially unworkable.
3 min read![return-free filing, return-free tax filing 2018 tax data, effects of the Tax Cuts and Jobs Act, 2018 tax return data, federal tax reform impact](https://taxfoundation.org/wp-content/uploads/2019/07/tax-compliance-1040-costs-e1562946587566-300x200.jpeg)
Return-Free Filing: A Better Fit for a Better Tax Code
Return-free filing could reduce compliance costs for many taxpayers, but would only be as good as the system it is administrating.
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Here’s How Louisiana’s Tax Plan Would Simplify the Tax Code and Benefit Residents
Louisiana legislators passed a tax reform plan that has received overwhelming support in both the House and Senate, but voters will get the ultimate say on whether that plan succeeds. In light of this, it may be valuable to walk through what is included in these reforms and what effect the changes will have on taxpayers.
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Simplifying the Tax Code and Reducing the Tax Gap: What Can Be Achieved?
Reducing the tax gap is, on the margin, a good way to raise revenue, but is not without costs. Policymakers should consider compliance costs for law-abiding taxpayers as well as administrative costs for the IRS when evaluating measures to reduce the tax gap.
33 min read![Affordable Care Act Individual Mandate Penalties, ACA individual mandate penalty Affordable Care Act tax](https://taxfoundation.org/wp-content/uploads/2021/07/AdobeStock_165242475-e1626818251463-300x185.jpeg)
Households Earning $75,000 or Less Paid Majority of Individual Mandate Penalties
Last month, the Supreme Court turned back a challenge to the Affordable Care Act (ACA), allowing to stand the Individual Mandate it created that penalizes taxpayers for not having proper health insurance and opening the way for President Biden and Congress to reimplement it.
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Census Data Shows Households Saved Economic Impact Payments
In 2020 and 2021, Congress enacted three rounds of economic impact payments (EIPs) for direct relief to households amidst the pandemic-induced downturn. Survey data from the U.S. Census Bureau indicates that households increasingly saved their EIPs or used them to pay down debt rather than spend them.
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![What is a Tax Refund? Why do I get a tax refund? How much do I owe in taxes? Advance Child Tax Credit Payments IRS Tax Refund Where's my refund? Tax Refund calculator, How much will my tax refund be? Tax withholding calculator, How much taxes did I pay? Form 1040 and W2 IRS tax withholding estimator tool](https://taxfoundation.org/wp-content/uploads/2020/03/Tax-Refund-3-e1583257725729-300x201.jpeg)
Unanswered Questions about Upcoming Advance Child Tax Credit Payments
Amidst the outstanding questions, potential confusion over how advanced child tax credit payments will affect tax refunds, and an incomplete portal to update taxpayer information, the IRS will begin sending payments to millions of households this month.
4 min read![Remote work tax revenue implications digital nomad visas, digital nomads, tax incentives for remote workers. Deutsche Bank tax work-from-home tax Deutsche Bank privilege tax on remote work](https://taxfoundation.org/wp-content/uploads/2020/11/1-remote-work-working-from-home-telework-linkedin-300x156.png)
Exploring How Remote Work Could Impact the Way Countries Tax Individuals
A question for policymakers to consider is how this new era of worker mobility will impact the fiscal landscape, and what changes must be made to address resulting revenue and compliance concerns.
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What’s in Arizona’s Tax Reform Package?
After weeks of deliberations, Arizona Gov. Doug Ducey signed into law a budget for fiscal year (FY) 2022 that reduces the state’s individual income tax rates and consolidates brackets, a plan that will help restore Arizona’s reputation as a low-tax alternative to California.
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![The impact of Biden tax plan by state and congressional district 2021](https://taxfoundation.org/wp-content/uploads/2021/06/The-impact-of-the-Biden-tax-plan-by-state-and-congressinal-district-2021-01-300x258.jpg)
The Impact of the Biden Administration’s Tax Proposals by State and Congressional District
The redistribution of income from the Biden administration’s tax proposals would involve many winners and losers, not only across different types of taxpayers but also geographically across the country. Launch our new interactive map to see average tax changes by state and congressional district over the budget window from 2022 to 2031.
8 min read