In a whirlwind of proposed tax changes, President Trump adds overtime to the mix. Not content with exempting tips and Social Security income from income tax, Trump now suggests exempting overtime pay as well. On the flip side, Kamala Harris, the Democratic presidential nominee, aligns with Trump on tips but prefers raising corporate income and capital gains tax rates. Additionally, she plans to introduce new tax credits and deductions for families and small businesses.
- Americans’ stance on Social Security taxes:
- 64% strongly support eliminating taxes on Social Security benefits.
- Support wanes if it leads to an increase in the national debt.
- Capitol Hill’s agenda this week:
- Senate Finance Committee holds a hearing on the Inflation Reduction Act’s impact on healthcare costs.
- House Ways & Means Subcommittee on Health discusses chronic disease prevalence and investments in prevention.
- Trade Subcommittee discusses US leadership in digital trade rules.
TIGTA’s discovery of flaws in corporate AMT rulemaking has raised eyebrows. The Chief Counsel’s Office failed to adequately review and consider public comments on interim guidance for the corporate alternative minimum tax (AMT). This 15% tax on large corporations’ financial statement income, set up under the Inflation Reduction Act, is undergoing scrutiny. TIGTA’s recommendation for a structured process to track comment letters met resistance from the IRS, citing existing guidance and procedures.
Michigan’s Supreme Court gears up for a debate on the Family Cottage Tax Cap. A corporation appeals a ruling on the taxable value of a family cottage, as an appeals court decided the cap should be removed due to ownership transfers. The corporation claims ownership interest was below the threshold triggering the cap removal.
For all things tax-related, don’t miss the Tax Policy Center’s Daily Deduction. Stay updated on the latest news by subscribing and receiving daily updates, except Mondays when Congress is in recess. Share any tips or news with Renu Zaretsky via email for inclusion.
In a whirlwind of proposed tax changes, President Trump adds overtime to the mix. Not content with exempting tips and Social Security income from income tax, Trump now suggests exempting overtime pay as well. On the flip side, Kamala Harris, the Democratic presidential nominee, aligns with Trump on tips but prefers raising corporate income and capital gains tax rates. Additionally, she plans to introduce new tax credits and deductions for families and small businesses.
Americans’ stance on Social Security taxes:
– 64% strongly support eliminating taxes on Social Security benefits.
– Support wanes if it leads to an increase in the national debt.
Capitol Hill’s agenda this week:
– Senate Finance Committee holds a hearing on the Inflation Reduction Act’s impact on healthcare costs.
– House Ways & Means Subcommittee on Health discusses chronic disease prevalence and investments in prevention.
– Trade Subcommittee discusses US leadership in digital trade rules.
TIGTA’s discovery of flaws in corporate AMT rulemaking has raised eyebrows. The Chief Counsel’s Office failed to adequately review and consider public comments on interim guidance for the corporate alternative minimum tax (AMT). This 15% tax on large corporations’ financial statement income, set up under the Inflation Reduction Act, is undergoing scrutiny. TIGTA’s recommendation for a structured process to track comment letters met resistance from the IRS, citing existing guidance and procedures.
Michigan’s Supreme Court gears up for a debate on the Family Cottage Tax Cap. A corporation appeals a ruling on the taxable value of a family cottage, as an appeals court decided the cap should be removed due to ownership transfers. The corporation claims ownership interest was below the threshold triggering the cap removal.
For all things tax-related, don’t miss the Tax Policy Center’s Daily Deduction. Stay updated on the latest news by subscribing and receiving daily updates, except Mondays when Congress is in recess. Share any tips or news with Renu Zaretsky via email for inclusion.
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