The recent Supreme Court decision in the Loper Bright Enterprises Inc. v. Raimondo case has stirred up controversy surrounding the IRS’s Direct File program. Senator Mike Crapo, the top Republican on the Senate Finance Committee, suggests that this ruling has paved the way for blocking the IRS’s initiative to make Direct File a permanent fixture. Here are some key developments and legal battles in the tax world that are making headlines.
- EV manufacturer challenges Treasury over low-speed vehicles: California-based Waev, which produces electric vehicles with a top speed of 25 miles per hour, is taking legal action against the Treasury’s exclusion of such vehicles from EV tax credits. The company argues that this rule goes against Congress’s intention to boost EV sales, emphasizing that not all EVs need to meet certain speed or range criteria.
- Chilean-mined lithium opens doors for US tax benefits: Under the Inflation Reduction Act, lithium sourced from Chile will now qualify for US tax benefits when used in electric vehicle batteries. This move comes as the US aims to promote the domestic production of critical metals for EVs, benefitting from Chile’s status as the second-largest lithium producer in the world.
-
West Virginia celebrates revenue milestone: Governor Jim Justice announces that West Virginia has met its revenue target, triggering a planned 4 percent cut in personal income tax rates starting in January 2025. The state’s strong tax collections have resulted in a significant surplus, highlighting its fiscal health and economic resilience.
-
Kenyan president shakes up cabinet following tax protests: President William Ruto dismisses his entire cabinet and attorney general in response to deadly protests over a controversial tax bill. Ruto’s decision reflects a commitment to listening to the grievances of the people and restructuring the government to better serve the public interest.
In conclusion, the tax landscape is constantly evolving, with legal battles, policy changes, and political developments shaping the way taxes are structured and collected. Stay informed on the latest updates in tax news by subscribing to the Tax Policy Center’s Daily Deduction for a comprehensive overview of tax-related issues. Let’s stay engaged and aware of the changes in tax policies that impact us all.
