Find out the surprising way Trump is spicing up his tax plan!

The world of taxation is ever-evolving, with changes and updates constantly influencing taxpayers and policymakers alike. Recent developments have shed light on various issues, from deductions to revenue collections and global tax policies. Let’s dive into the latest updates in the tax landscape:

1. Trump’s Promise to Revive State and Local Tax Deduction:

– President Donald Trump vows to bring back the state and local tax deduction, emphasizing the need to lower taxes for Americans.
– The Tax Cuts and Jobs Act of 2017 limited state and local tax deductions to $10,000, prompting discussions among lawmakers about revising this cap.

1. TIPS Act Introduced by House Democrat:

– Rep. Steven Horsford introduces the Tipped Income Protection and Support (TIPS) Act, aiming to eliminate federal taxes on tips.
– The proposed legislation also seeks to abolish the tipped minimum wage and cap the exemption at $112,500 in tipped income, addressing issues faced by many workers.

1. Decline in Missouri’s General Revenue Collections:

– Missouri’s general revenue collections have experienced a slowdown in the first few months of fiscal year 2024.
– With a growth rate of 1.47 percent compared to the previous fiscal year’s 2.74 percent, the state might face a year-over-year decline for the first time in over a decade if the trend persists.

1. Global Minimum Tax Impact on US Companies:

– Despite the enforcement of a global minimum corporate tax of 15 percent in 40 countries, only a few US multinational companies have reported significant effects.
– A Bloomberg Tax analysis reveals that out of the top 100 US multinational corporations, only four have reported material impacts from the global minimum tax.

Stay informed about the latest tax updates by subscribing to the Tax Policy Center’s Daily Deduction. Receive timely news and insights straight to your inbox on weekdays at 8:00 am (Mondays only during congressional recess). Stay updated and engaged with the evolving tax landscape for a better understanding of its implications.