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Will a battle over earmarks derail a vote on the current spending package? The Hill reports that conservative members in both the Senate and House are pushing back against over 6,000 earmarks in the six-bill spending package that must pass by Friday to avert a partial government shutdown.
House-sought rescissions of IRS funding might be less than anticipated. TaxNotes reports (paywall) that $47 billion in House-sought rescissions of $79 billion in IRS funding through the Inflation Reduction Act are not part of the latest minibus spending legislation. That legislation is expected to come to a vote soon — before funding expires for four federal agencies this Friday. But rescissions of $20 billion will likely be in a second House minibus package of six bills expected to be released later this month.
How might the OECD’s global minimum tax affect the US? TPC’s Thomas Brosy shares a primer on the Organisation for Economic Cooperation and Development’s model of global minimum tax rules. He explains how a minimum tax of 15 percent on the global income of multinational corporations works, as well as its enforcement mechanisms. He notes that responses by US companies to the minimum tax could be significant but are mainly uncertain. US corporate tax revenue could be reduced by up to $174.5 billion over a ten-year window if US multinational companies shift profits to other low-tax jurisdictions, however, if they instead shift profits to the states, it could increase by $224.2 billion.
Hiding art to avoid taxes, an art dealer is found guilty by the Paris Appeals Court. Guy Wildenstein is the Franco-American president of Wildenstein & Co., an international private art dealership in New York City. The French court found him guilty of massive tax fraud and money laundering and sentenced him to four years in prison and imposed a $1.08 million fine. He was accused of hiding significant portions of his family’s art collection and other assets in trusts and shell companies to avoid paying French inheritance taxes.
Washington state lawmakers approve a measure to ensure no state income taxation. Washington state is one of nine states that does not have a state income tax. The initiative passed by the state legislature would codify that the state will not levy a tax based on personal income.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
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