Small business owners across the nation are eagerly awaiting potential changes in tax policies that could make their lives easier. Democratic presidential candidate Kamala Harris has put forth a plan that aims to simplify the tax filing process for small businesses through a new standard deduction. While some experts like TPC’s Howard Gleckman believe the proposal may not be perfect and lacks crucial details, it is certainly a step in the right direction by addressing a pressing issue for business owners.
Exciting events and developments in the realm of taxation are on the horizon:
- Capitol Hill Hearing: The Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy will convene tomorrow to discuss the macroeconomic impacts of potential tax reform in 2025.
- Tax Policy Symposium: In the upcoming month, the American Tax Policy Institute will host a symposium titled “It’s a Man’s World: Revealing and Addressing Hidden Gender Bias in Tax Law and Policy.” Attendees can look forward to presentations on various crucial topics like marriage, inequality within the tax code, and inequalities in the tax system.
- Wisconsin Supreme Court Case: The Wisconsin State Legislature is challenging a ruling by the Wisconsin Supreme Court regarding unemployment insurance taxes for the Catholic Charities Bureau (CCB). The state argues that the CCB’s employees and participants are not required to be Catholic and do not engage in formal religious practices, suggesting an overreach by the court in defining religious practices.
- Maine Corporate Tax Report: Maine Revenue Services is set to release its inaugural corporate tax transparency report on Jan. 31, 2025. This report will shed light on tax revenues collected from major corporations operating in Maine, including the number of profitable companies that paid no state income taxes.
- Atlanta’s “Blight Tax”: Atlanta’s City Council has introduced a new tax on owners of vacant properties deemed as blighted. This tax increase, set to take effect at the beginning of the upcoming year, is designed to incentivize property owners to maintain their structures and reduce neglected properties in the city.
Exciting developments like these underscore the importance of staying informed about changes in tax policies and their implications. To receive the latest updates and news in the world of taxation, subscribe to the Tax Policy Center’s Daily Deduction for daily insights. Stay connected and informed to navigate the ever-evolving landscape of tax policy.
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