The future of the bipartisan tax credit bill remains unclear. Politico reports that House Ways & Means Chair Jason Smith (R-MO) presented the bipartisan tax deal at a leadership meeting last night, with a full conference meeting on the deal scheduled for this morning.
Maximum sentence for leaker of tax records related to Trump and other wealthy taxpayers. Former IRS consultant Charles Littlejohn received a five-year prison sentence for leaking the tax filings of thousands of wealthy people, including former President Donald Trump. US District Judge Ana Reyes said Littlejohn had “pulled off the biggest heist in IRS history,” and by targeting Trump, levied “an attack on our constitutional democracy.”
Study: Nearly a third of tax filers will need their tax refund to make ends meet. A new study by Qualtrics for Intuit Credit Karma finds that 54 percent of US taxpayers will file early this tax season to get their refund sooner. Thirty-one percent say they depend on their refunds to make ends meet. Over half (56 percent) cited the rising cost of living as the reason for their dependence on their tax refund, while 46 percent noted they are living pay to check.
Colorado Senate bill would raise property taxes on short-term rentals. The bill aims to correct differences in tax rates on properties renting rooms or beds by basing rates on how many days a rental would be used. A property leased for short-term stays for more than 90 days in a year would be classified as a short-term rental and face a 27 percent property tax rate. Residential property faces a 6.7 percent property tax.
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