As we ponder the future of tax policies, let’s take a closer look at the past proposals that could shape the landscape ahead. Join Nikhita Airi and Margot Crandall-Hollick from the Tax Policy Center as they delve into the legislative initiatives of Vice President Kamala Harris, tracking her tax-related stances as a US Senator and a 2020 presidential hopeful. Should Harris secure the Democratic nomination later this year, her historical approach offers insight into how she may handle tax matters in the years to come.
- A “revolving door” discussion with TIGTA
Senator Elizabeth Warren, a prominent figure on the Senate Finance Committee, is set to engage in a briefing with the Treasury Inspector General for Tax Administration (TIGTA). Revealed by TaxNotes, this briefing will focus on TIGTA’s evaluation of potential conflicts of interest within the tax policy creation process. The report highlights the complexity of this process, suggesting that no single individual can entirely steer decision-making. While Warren and Representative Pramila Jayapal have criticized the report, it sparks a vital examination of policy-making transparency. - House Ways & Means Chair’s scrutiny of donations
Rep. Jason Smith, leading the House Ways & Means Committee, has raised concerns about the donation practices of the US Chamber of Commerce Foundation. In correspondence with the foundation, Smith seeks clarity on their acceptance policies, especially regarding donations from entities like the Tides Foundation. As reported by TaxNotes, this inquiry initiated in early May underscores the importance of transparent donation practices in shaping policy discussions. -
Maryland’s innovative tax break proposal
The End Kidney Deaths Act in Maryland proposes a groundbreaking initiative to incentivize kidney donations. This plan outlines a pilot program spanning ten years, offering a refundable tax credit of $10,000 annually for five years to living kidney donors who choose to donate to strangers. This forward-thinking proposal not only aims to save lives but also emphasizes the value of altruism in tax legislation.
For the latest updates on tax news, don’t miss out on the Tax Policy Center’s Daily Deduction. Subscribe now to receive it straight to your inbox on weekdays at 8:00 am (except for Mondays when Congress is in recess). Have any tips on new research or news to share? Reach out to Renu Zaretsky via email.
In exploring the past tax proposals, evaluating current discussions, and considering innovative initiatives like Maryland’s kidney donation tax breaks, we gain a richer understanding of the evolving landscape of tax policies. Let’s remain vigilant, engaged, and proactive in shaping the future of taxation for the years to come.
