Clinton, Trump sweep Super Tuesday primaries. Clinton collected 453 delegates, Trump rounded up 203. But neither landed a knock-out punch. So... on to the next round: 18 delegate-rich contests through March 15 that could largely decide both party races. Maybe voters in Michigan and Missouri will be more interested in tax policy.
Kevin Brady survives his primary challenge. House Ways & Means Committee Chair beat back three conservatives to win the GOP primary in his district, just north of Houston. He successfully avoided a runoff and will be unopposed in November.
Senator Mitch McConnell sure would like a budget deal. The Hill reports that the Senate Majority Leader met privately with House Republicans to urge them to stick with last fall’s deal with President Obama. That agreement increases federal spending to $1.07 trillion. Problem is, hard-core House conservatives say they want to cut that spending deal by $30 billion. Trump’s strong showing is likely to further embolden them.
In New Jersey: Trading an estate tax cut for a gas tax increase? A state Senate committee on Monday passed a pair of bills to eliminate the estate tax and gradually raise the income tax exemption for retirees. Once in full effect, high-income New Jersey residents would enjoy about $400 million in tax cuts. Democrats hope that those tax breaks will give Governor Chris Christie enough cover to back a gas tax increase that would replenish the state’s transportation trust fund.
New from the IRS: The 2013 Corporation Source Book. The latest in the series presents balance sheet, income statement, tax, and other selected items by size of total assets for all returns with and without net income. Statistical tables are available by industrial sectors, major groups within a sector, and minor industries within a major group. Industry detail is based on the North American Industry Classification System.
Tomorrow at Urban: A look at complex family structures and tax filing. Couples are marrying later, divorcing more frequently, and living together without being married. About 40 percent of children born each year are born to parents who are not married, and many parents have children from more than one relationship. Panelists at tomorrow’s lunchtime forum will discuss new research on how those changes affect tax filing. They include Francesca Jean Baptiste of the Maryland CASH Campaign, TPC’s Elaine Maag, National Taxpayer Advocate Nina Olson, Elizabeth Peters of the Urban Institute. Intuit’s David Williams will moderate.
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