House passes the budget resolution, sets an infrastructure vote for September 27. The House passed the $3.5 trillion budget framework on a party-line vote. Speaker Nancy Pelosi committed to bringing the bipartisan $1 trillion infrastructure bill to the House by September 27. It remains to be seen whether the House can pull together a massive tax and spending bill in a month, however.
Retirement tax benefits exacerbate racial inequities. TPC’s Steve Rosenthal shows how generous tax subsidies for retirement savings like 401(k) plans and IRAs worsen racial inequality. In part due to these tax breaks, the gap between the average retirement account balances of White households and Black and Hispanic households widened markedly over the last three decades.
HUD: Expanded EITC helps recipients of housing assistance — a lot. A new report from the US Department of Housing and Urban Development (HUD) finds advance payments of the expanded Earned Income Tax Credit increases the average monthly income of housing assistance recipients by almost 38 percent. “The average monthly income for HUD-assisted families with children is approximately $1,460. On average, Advance Child Tax Credit payments will increase monthly income by $550 among these families.”
Cook County, Illinois report: Property tax increases hit Black and Latino suburbs hardest in 2020. The Cook County Treasurer reports that six of the 10 communities with the largest total residential tax increases in the county in 2020 were in majority Black or Latino. For commercial property, seven of the 10 communities with the highest tax increases were majority Black or Latino.
Colombia will keep its 5 percent tax on foreign investors. The Colombian legislature will begin debating a tax bill this week, but it will no longer repeal a 5 percent tax paid by overseas investors in local bonds. The proposal was ditched in order to pave a clearer path for passage of the tax bill.
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