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Senate Finance Committee unanimously approves retirement savings bill, The catch-all bipartisan measure includes nearly three dozen proposals affecting both retirement savings and account withdrawals. The Enhancing American Retirement Now (EARN) Act encourages employers to offer retirement savings plans, expands savers credits, increases “catch-up” contributions for older workers and is withdrawn from retirement accounts at age 75. Delays essential delivery, but not until 2032. It fails to crack down on the “Super-IRA”.
Senate Finance Also Goes After Easing Conservation, The committee also agreed to tackle the retirement bill as a measure to prevent the use of tax breaks aimed at keeping the land undeveloped. Ease of use has become a widely used tax shelter. This provision is not included in the House Retirement Bill.
President Biden called for a three-month suspension of the federal gas tax. He also told the states suspend your own gas taxes and urged oil companies and refineries to lower prices for consumers. But the proposal created little enthusiasm in his own party and is likely to die in Congress. Sen. Joe Manchin of West Virginia said he has many concern with the offerSaying “I’m not yet yes, that’s for sure.”
Maybe it’s because the federal gas tax holiday is a terrible idea. TPC’s Howard Glickman argues While President Biden may be trying to address inflation, “suspending the gas tax is a terrible idea that, on the margins, will make inflation worse, not better.”
National Taxpayer Advocate has warned of frequent refund delays and poor taxpayer service. National Taxpayer Advocate Erin Collins, in mid year report to congress, warned of continued delay in processing of returns by filing paperwork. It said there were 21.3 million unprocessed returns at the end of May, which is 1.3 million more than the same period last year. Around 9 million filers are still awaiting refunds. “Delays in processing are creating unprecedented financial difficulties for millions of taxpayers and outright hardships for many,” Collins wrote.
Another year of state tax deductions. Richard of TPC auxier review Action in 27 states and the District of Columbia — all of which have passed significant tax cuts. last year was total 29 states and the District of Columbia, Income tax rate cuts, refundable tax credits, and tax exemptions were returned, along with some tax deductions on grocery and gas. Richard concluded that if the economy weakens and strong revenue growth does not continue, states could be in trouble.
For example, in Ohio. Lawmakers propose a bipartisan bill in the Ohio House Eliminating sales tax for baby and adult diapers, The bill is part of a larger package proposed by Democrats, which also includes a new Infant Formula tax credit. Meanwhile, most groups of academic economists recommended According to a survey conducted by Scioto Analysis, a State Child Tax Credit (CTC) compared to a federal CTC. Two economists preferred the expansion of the federal CTC.
Better ways to use synthetic controls. TPC’s Robert McClelland and Livia Mucciolo updated my guide How to use synthetic controls to model state and local tax policies. The synthetic control method (SCM) is a relatively new and valuable tool that allows researchers to measure policy changes against a theoretical baseline. their The update guide includes some changes that improve SCMAs well as the graphic intuition behind the method and a new way to visualize selecting an ideal pool of possible controls.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deductions. Sign up Here To have it delivered to your inbox at 8:00 a.m. on weekdays (only on Mondays when Congress is in recess). We welcome suggestions on new research or other news. Email Renu Zeretsky here Dailydeduction@taxpolicycenter.org,
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