One last reminder: You can tune in to a live webcast this morning at 9:00 am for “Major Surgery Needed: A call for structural reform of the US corporate income tax.” The event is cosponsored by the American Enterprise Institute and the Tax Policy Center.
Extending the Extender Talks. The Senate Finance Committee yesterday approved a measure restoring scores of tax breaks that expired last December. TPC’s Gene Steuerle offers his take on why most tax extenders should not be permanent: “With a few exceptions, most should not be made permanent. However, I’d extend most of them for a more than a year at a time according to the purpose they are meant to serve.”
Credit Suisse may be preparing to settle. In an effort to avoid prosecution for helping wealthy Americans evade taxes on its accounts, the bank is setting aside extra funds to resolve its long-running tax dispute with the United States, according to Reuters. Switzerland’s second-largest bank restated its fourth quarter losses to $534 million as a result.
District Disappointment. Following his loss in the D.C. mayoral primary, Mayor Vincent Gray released his final budget with not a bang but a shrug. He rejected key revenue-raising recommendations of the D.C. Tax Revision Commission as politically untenable, leaving no room for recommended income tax relief for businesses and low-income residents.
Same Sex Marriage: equal under the federal tax code, and now Medicare. The Obama Administration already allows married same-sex couples to file taxes together even if their state does not recognize their marriage. As of today, they can qualify for Medicare hospital and physician benefits too. Bureaucracies seem to favor equality, perhaps for efficiency’s sake.
Interested in subscribing to The Daily Deduction, the Tax Policy Center summary of the day’s tax news? Sign-up here for free access. If you’d like to tell us about a new research paper or have any comments about our new feature, write us at [email protected].
Posts and comments are solely the opinion of the author and not that of the Tax Policy Center, Urban Institute, or Brookings Institution.
- © Urban Institute, Brookings Institution, and individual authors, 2022.