Who will Biden choose as Treasury Secretary? Bloomberg reports that former Federal Reserve Chair Janet Yellen is under consideration. Other possible candidates include Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson. Senator Elizabeth Warren reportedly has been lobbying for the job as well.
Better luck next year? The Wall Street Journal reports (paywall) that the House Ways & Means Committee will renew its request for President Trump’s tax returns and audit records next year. The Trump Administration has battled in court to block compliance with the panel‘s request. But the Biden administration is likely to abandon the court challenge and agree to hand over Trump's returns to Congress. But will anyone care?
Intuit settles a Free File case. The producer of TurboTax settled a class action lawsuit by agreeing to pay 19 million plaintiffs $40 million and better publicize its free tax return products. The firm still faces other lawsuits and an investigation by the Federal Trade Commission.
This Friday on the Hill. The House Ways & Means Oversight Subcommittee will hold a hearing with IRS Commissioner Charles Rettig on November 20 at 10:00 am. The panel wanted Rettig to appear before the election but he delayed his appearance.
Californians rejected a statewide tax increase but approved scores of local measures. The California Tax Association reports that voters approved at least 173 local measures that authorize over $12.8 billion in new spending, taxes, and borrowing, largely for schools. Association spokesperson David Kline cautions that most measures are shaped by local politics and rarely confront well funded opposition campaigns. Plus, local officials get to write the measures. “Some taxes… were described in such flowery language that it was hard to determine if it was actually a tax increase,” Kline said.
In case you missed The Prescription. Last Thursday, TPC’s Mark Mazur and Howard Gleckman discussed what the election will mean for tax policy and the government’s fiscal response to the COVID-19 pandemic. You can watch here.
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