The GOP solution to inflation: Tax cuts. Criticized for failing to explain how they would slow inflation, Hill Republicans began rolling out some ideas, including some tax initiatives. House Ways and Means Committee Republican Proposed The Tax Cuts and Jobs Act made personal tax cuts permanent and urged the Biden administration to reduce tariffs (many of which were imposed by President Trump). At the same time, Sen. Chuck Grassley and three other GOP senators raise income limit $400,000 for a 3.8% net investment income tax and index it for inflation. That would exempt the first $300 in interest income ($600 for joint filers) from tax and raise the income limit for taxing capital gains and dividends to $89,075 ($178,150 for joint filers).

Wyden imposed windfall tax on oil companies. Bloomberg report Senate Finance Committee Chairman ron wyden Will soon propose 21 per cent higher tax on producers with profit above 10 per cent. The Biden administration is considering the idea and other Hill Democrats, including Sen. Sheldon Whitehouse and Rep. Peter DeFazio, have proposed their own versions.

Wedden: Exemption from online sales taxes to small business. Hearing on the outcome of the Supreme Court’s decision South Dakota vs Wayfair, Widen said Congress should exempt small remote sellers from collecting and remitting sales tax in states where they only have customers. Wyden also said that Congress should create “clear, standardized rules that outline what states may require of small businesses outside their borders.” Wyden has already sponsored a bill to do so. Senior Committee Republican Mike Crapo also called for “more consistent thresholds and standards” for sales taxes.

Proposed: A Social Security tax on high earners. Censors Bernie Sanders and Elizabeth Warren proposed a social security payroll tax on both high-income workers and those with an investment income of more than $250,000. The additional revenue will support an increase in benefits to $200 per month. Senators say the tax hike would increase Social Security’s solvency by 75 years.

Washington state advocates stymied an effort to get voters to repeal the capital gains tax. of opponents state capital gains tax Stopped collecting signatures to repeal November’s ballot. Instead they are waiting to see whether courts will declare the tax unconstitutional. A public policy polling poll shows that the referendum may fail.

On International Corporate Taxation… In a new paper, the Hamilton Project and the NYU Tax Law Center describe International Corporate Tax Proposals are being debated in Congress and explain whether they would fit in with the OECD’s new multilateral agreement on international corporate taxation.

Tomorrow at 9:00 am: 12th Annual IRS/TPC Joint Research Conference on Tax Administration. You can see the only annual conference focused exclusively on tax administration research here,

Representative Jim Cooper will be Thursday’s guest on the Prescription webcast, The longtime House Budget Committee member will join Howard Glickman to talk about fiscal policy, the decline of bipartisanship and President Biden’s agenda. Join them on Thursday at noon. register Here,

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