The fate of IRS funding hangs in the balance as a stopgap bill keeping the federal government operational until December 20 may rescind $20.2 billion in IRS enforcement funds allocated through the Inflation Reduction Act (IRA). If this rescission is included in the final fiscal 2025 budget deal, it could deplete the account significantly, as reported by TaxNotes.
Major Party Candidates: Where Do They Stand on Tax Policy?
The looming expiration of significant portions of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 raises questions about tax policy. Surprisingly, neither major party candidate has provided a detailed, comprehensive tax plan for the future. To gain insight into each candidate’s approach to tax policy, the Tax Policy Center presents an insightful breakdown for voters.
TIGTA Findings: Delays in IRS Employee Selection Process
A recent report by the Treasury Inspector General for Tax Administration (TIGTA) highlighted significant delays in the IRS employee selection process. More than one-third of the IRS’s 52,789 hirings between October 1, 2021, and September 30, 2023, exceeded the agency’s target period of 80 days. Factors contributing to this lag include communication breakdowns and the overwhelming workload assigned to hiring staff. To address these issues, the IRS plans to enhance training for employees involved in recruiting processes.
Boston Mayor Proposes Tax Increase for Commercial Properties
In response to declining revenue from commercial property taxes which have been essential for funding city services in recent years, Boston Mayor Michelle Wu has suggested a three-year tax hike for commercial properties. This proposal aims to alleviate the burden on residential property taxes while ensuring sustainable funding for crucial city services.
Congress on Recess: Stay Tuned for Resumed Updates
As Congress is currently not in session, the Daily Deduction will post updates on Mondays and resume its regular schedule on November 11. For the latest tax news and insights, subscribe to the Tax Policy Center’s Daily Deduction to receive weekday updates at 8:00 am (Mondays only during congressional recess). Share news tips or discoveries by emailing Renu Zaretsky.
In conclusion, the shifting landscape of IRS funding, unresolved tax policy stances of major candidates, challenges in IRS hiring processes, and proposed tax adjustments in Boston underscore the complexities in the realm of taxation and government funding. Stay informed with the latest tax updates from the Tax Policy Center to navigate these evolving developments effectively and stay engaged in critical debates shaping our economic future.
