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House adopts $1.6 trillion discretionary spending cap for fiscal year 2023. This sets the stage Next week for appropriations subcommittees to start marking up spending bills. House leaders are expected to pass their version of a spending package before the August recess. The Senate is likely to proceed … more slowly.
Will EV Tax Credits Make Their Way into the Budget Bill? Joe Manchin hit the brakes on a $7,500 tax exemption for electric vehicle buyers included in the house-passed version of the Build Back Better Act. Other Democrats are trying to revive the idea. Michigan Representative Haley Stevens says the tax credit remains on the table. But TPC’s Thornton Matheson cautioned that “there’s still a long way to go. By any measure, it would be much more efficient to use a carbon tax.” encourage electric vehicle purchases… instead of making electric vehicles cheaper, make fuel more expensive.”
Rick Scott withdraws his tax hike plan, After months of controversy, Sen. Rick Scott (R-FL) now has his own Rescue America 2.0 Plan Won’t raise taxes on low- and middle-income Americans. But he still insists, “Able Americans under age 60 who don’t have young children or dependents with disabilities should work. We need them to pull the wagon and pay taxes, not the government sitting at home.” Take money from
Arrested: A South Carolina businessman who pocketed $224,000 in sales taxes. The South Carolina Department of Revenue alleges that failed to pay sales tax On $3.7 million in customer purchases from 2016 to 2021. The state also alleges that he operated without a retail license and used multiple bank accounts to hide his purchases. If convicted, he faces up to five years in prison and a fine of up to $60,000.
Sorry: New Zealand is planning to tax sheep and cattle gas. The country has 5 million people, 10 million cattle and 26 million sheep. About half of the country’s greenhouse gases come from agriculture, mainly methane, but it has exempted these emissions from its carbon trading system. New Zealand c. will be the first country toharass farmers for methane emissions, Starting in 2025. The scheme will also provide incentives to farmers who reduce methane through feed additives or who plant trees.
Next Thursday, June 16, attend the 12th Annual IRS/TPC Joint Research Conference on Tax Administration, The virtual conference highlights researchers from the IRS, other government agencies, academia and private organizations who will present their latest analysis of ways to make tax administration as effective as possible. Learn more and register 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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