Rewriting the lame duck tax cut. With their effort to pass a tax cut in the lame duck session on life support, House Republicans have rolled out a scaled-down version. The latest plan still includes some technical corrections to the TCJA, tax relief for disaster victims, new tax subsidies for retirement savings, IRS restructuring, and further delays in some Obamacare taxes. However, it drops proposed tax extenders that were in the original bill. There remains little chance this would pass the Senate, however.
Who’s a member of the middle class? TPC’s Howard Gleckman reviews the myriad definitions according to measures of income. Bottom line: There’s no single answer…. in fact, it may simply be a function of how you define spending the season between spring and fall.
Making the TCJA easier on churches. A provision of the Tax Cuts and Jobs Act taxes churches and other non-profits on parking and other benefits they provide employees. The measure has generated a storm of criticism and Treasury has issued guidance that attempts to ease, but not eliminate, the impact of the levy.
GoPro chooses to go elsewhere, thanks to tariffs. The camera maker announced yesterday that the tariff tensions between the US and China have prompted it to move production of US-bound cameras. It will continue to manufacture in China, but by next summer it will produce cameras headed for the US market in an as yet unnamed location.
Seattle delays a tax on downtown property owners. The city will wait until next year to tax downtown property owners. The $200 million tax will help pay for waterfront development and pedestrian walkways. Property owners want to reduce the levy and the city has not been able to close negotiations with them.
Will Canada’s carbon tax survive? Prime Minister Justin Trudeau is up for reelection next fall and he’s facing backlash across the political spectrum against his climate program. His government did not levy a federal carbon tax but allowed each of the 10 Canadian provinces to set up their own carbon tax systems. Now, provincial governments representing only half the Canadian population support Trudeau’s effort.
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