Budget Games, A Big Gun Tax Has Drawbacks

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About the EARN Act The Enhancing American Retirement Now (EARN) Act, passed by the Senate Finance Committee last week, allows older savers to deposit an additional $10,000 per year into their retirement accounts. Plan participants can contribute additional funds to a Roth IRA, where deposits are taxed but withdrawals are not. For Congressional scorekeeping, this means that revenue is included within the 10-year budget window, but long-term tax deductions are invisible. TPC’s Steve Rosenthal condemned the move, saying “This is a serious use of budget scorekeeping rules.”

The Latest Budget Solutions Hang-Ups, More budget gimmicks: Democrats continue their struggle to piece together a social spending, climate and tax bill that could win the support of all 50 Senate Democrats. politician The report is the latest debate over how long to extend the Affordable Care Act subsidies that were temporarily extended in the 2021 pandemic relief bill. Party leaders want to keep the subsidy for another 2-3 years. But Sen. Joe Manchin has declined to acknowledge the temporary spending, saying the cost of the program looks lower than it actually is. A permanent expansion would cost $220 billion over 10 years.

There can be some big gaps in doing a vertical gun. of TPC Robert McClelland Reviews representative don Bayer’s offer 1,000 per cent excise duty on some guns. He points out that the bill would drive up prices and reduce purchases of both tax- and tax-exempt guns, but it also included loopholes that could defeat its purpose.

Californians may soon get a gas tax exemption. Gavin Newsom and state lawmakers have tentatively agreed to tap California’s $97 billion budget surplus to provide $9.5 billion. gas tax exemption, Singles who make less than $250,000 per year and couples who make less than $500,000 will be eligible for exemptions between $200 and $350, with higher exemptions for lower earners.

Tune in on Thursday for TPC’s prescription with Kimberly Closing. Recently Deputy Assistant Treasury Secretary for Tax Analysis will speak with TPC’s Howard Glickman about how it’s meant to help tax policy and about ongoing policy challenges – including proposed reforms to the taxation of multinational corporations. Register and Tune Here Afternoon for virtual discussion.

Coming in July: Eleventh Annual Municipal Finance Conference. The joint venture, organized by the Hutchins Center on Fiscal and Monetary Policy, takes place virtually from July 18 to July 20. View the agenda and register for the event here,

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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