45ae59f6be38e421749b1804ad67ec3f Archive

Rates And A Lawsuit | Tax Policy Center

TweetShareSharePin0 Shares The Fed raises interest rates. Will the jobless rate follow? The Federal Reserve announced an increase of 0.75 percent to its baseline interest rate. The Fed has raised the rate five times since March and by 0.75 percent three times. Most members of The Federal Open Market Committee expect to raise interest rates

Life Insurance Abuses, Election Season Tax Cuts

TweetShareSharePin0 Shares Wyden expands an investigation of tax avoidance through private placement life insurance (PPLI). TaxNotes reports (paywall) that Senate Finance Committee Chair Ron Wyden is expanding an investigation into PPLI abuses. They were intended as tax-advantaged savings vehicles for middle-income households. But they are being used to invest millions of dollars in hedge funds

NY Tax Collections Fall, Colombian Tax Hikes Loom

TweetShareSharePin0 Shares New York City faces a nearly $10 billion deficit, and a fiscal crisis is on its horizon. Tourism and job losses have not yet recovered from the pandemic. City officials expect business tax revenue to decline for the first time in six years and personal income and related tax revenue will fall by

Delay Likely For The Spending Deal?

TweetShareSharePin0 Shares Sen. Markey opposes the Schumer-Manchin side deal. Sen. Ed Markey, joining Sen. Bernie Sanders, opposes including in a stopgap spending bill changes to the nation’s permitting system for fossil fuel extraction, a provision demanded by Sen. Joe Manchin. Disagreements also remain over coronavirus aid, disaster relief, and more, creating obstacles to a deal. 

Two More Weeks To Avert A Government Shutdown

TweetShareSharePin0 Shares Is a spending deal around the corner? Speaker Nancy Pelosi signaled this week that she could support an agreement to ease permitting requirements for energy projects if it’s included in a Senate bill funding the government. The agreement, part of a deal to win Sen. Joe Manchin’s vote on the Inflation Reduction Act,

“Bring The Noise!” | Tax Policy Center

TweetShareSharePin0 Shares IRS Whistleblower Office isn’t as “loud” as it used to be. A Senate Finance Committee report finds the IRS whistleblower program that rewards people for identifying tax cheats is strapped for cash. Since 2007, the program has generated $6.5 billion in tax collections and paid $1 billion in rewards. But congressional funding has

Working On The Margins In Spending And Tax

TweetShareSharePin0 Shares Still fighting over permitting reform in the stop-gap spending bill. Senate Majority Leader Chuck Schumer wants to include a provision to expedite the development of fossil fuel and other energy products in the temporary spending bill that must pass by Sept. 30 to avoid a government shutdown. The language is part of a

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