About that spending bill on the Hill. While the House easily passed a $622 billion tax cut package yesterday, the companion $1.1 trillion omnibus measure to fund the government through September 2016 may have a rougher road—at least if House Minority Leader Nancy Pelosi’s concerns are any guide. The Senate may tackle the fiscal package today, too. One Senate Republican, Mike Lee, wants Congress to opt for a six-week extension of government funding and deal with the spending bill next year, and a handful of others say they’ll oppose the measure.
In New Jersey, maybe a gas tax increase amid a flurry of legislative activity. Yesterday was the last day for state lawmakers to finish legislative business. They worked on more than 100 bills, including a ballot measure to amend the state constitution to raise the gas tax. Setting the stage for such an effort: An Assembly panel unanimously endorsed an amendment that would dedicate all gasoline tax revenues to the state’s Transportation Trust Fund.
In Australia, corporate tax transparency. Prime Minister Malcolm Turnbull’s government made public the tax affairs of 1500 local and foreign companies. General Motors, Mitsubishi, Exxon Mobil, Ford, and Chevron are among hundreds of firms that paid little or no tax in Australia in the fiscal year ending in June 2014. It doesn’t mean that the companies were avoiding taxes, Assistant Treasurer Kelly O’Dwyer says: “There are some reasons why it would be that some companies are not paying tax at all. It’s for those companies to explain exactly why it is.”
There’s another presidential debate tomorrow night. This time, the Democrats take the stage. Your tax-policy cheat sheet for the event is here, compliments of TPC.
Interested in subscribing to the Daily Deduction, the Urban-Brookings Tax Policy Center summary of the day’s tax news? Sign-up here to get the Daily Deduction delivered to your inbox every morning. If you’d like to tell us about a new research paper or have any comments about our feature, write us at dailydeduction “at” taxpolicycenter “dot” org.
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, 2020.