Manchin’s latest. Sen. Joe Manchin is attempting to negotiate a broad-based bipartisan energy bill that would include incentives for short-term production of oil and gas combined with new tax subsidies for alternative energy. At the same time, Manchin is looking to separate that bill from social spending and other tax provisions that once were included in President Biden’s now-dead Build Back Better bill. Those, he says, should have hearings and a “regular Senate process.” Given upcoming elections, lawmakers likely have no more than two months to agree on something.
Senate may confirm Biden Fed nominees this week. The Senate is expected to confirm Jay Powell for another term as Fed chair as soon as this week. It also set the stage to confirm Lael Brainard as vice chair and Davidson College professor Philip Jefferson and Michigan State economist Lisa Cook as governors.
Supreme Court allows deadline waiver in taxpayer’s case. In Boechler v. Commissioner of Internal Revenue, the high court unanimously ruled that the US Tax Court has the power to “excuse the missed deadline for equitable reasons,” explains SCOTUSblog.
Massachusetts House rejects tax relief. Democrats rejected tax breaks, including a gas tax holiday, proposed by House Republicans. The chamber continues to work on1,500 proposed changes to the $49.6 billion budget written by the House Ways and Means Committee. That fiscal plan exceeds Gov. Charlie Baker’s proposed budget by $1.4 billion.
Poll: New Yorkers like a gas tax holiday, but… A Siena poll shows 73 percent of New Yorkers surveyed want the gas tax suspended. Democratic Gov. Kathy Hochul announced she favors suspending 16 cents of the per-gallon of the gas tax from June 1 through December 31. The same poll showed that 55 percent of New Yorkers oppose investing $600 million in a new Buffalo Bills professional football stadium.
IMF urges Sri Lanka to address debt crisis with higher taxes, among other policies. The nation has suspended payments on portions of its $51 billion in external debt and requested loans from the International Monetary Fund. The IMF says Sri Lanka must tighten monetary policy, adopt flexible exchange rates, and raise taxes to address its debt crisis, noting “The requirement for fund lending will be progress toward debt sustainability.”
ICYMI: The Lubick symposium on what the US can learn from tax reform in developing countries. Monday’s program, in memory of the late Treasury tax official Don Lubick, included a panel of international tax experts discussing how they help developing countries design tax systems and what the US can learn from their experience. If you missed it, watch here:
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