Questions, A Nonstarter, And A Deficit
IRS Commissioner Daniel Werfel faced House Ways & Means questions. IRS Commissioner Werfel, responding to the panel’s Republican members’ request, answered a range of questions from the panel’s Republican members on Form 1099-K reporting thresholds, IRS data security and information technology, and IRS funding and modernization.
Montana’s property tax task force meets with one nonstarter. A group of state lawmakers, local leaders and policy experts will consider ways to curb property taxes. Their first meeting was yesterday, and Republican Gov. Greg Gianforte directed them to: slow the property tax growth rate; encourage public participation in setting property taxes; ensure that low- or fixed-income residents can keep their homes; and adequately fund public schools with property tax revenues. Gianforte stressed that the effort should not include the introduction of a statewide sales tax, which the state currently lacks.
Boston faces a billion dollar tax deficit. Market values for office buildings are falling. That could cost the city over $1 billion in tax revenue over the next five years, according to a new analysis by Tufts University’s Center for State Policy Analysis and the nonprofit Boston Policy Institute. Over a third of the city’s tax revenue is tied to the commercial property market. Massachusetts largely prohibits local sales and income taxes. The report also references analysis by TPC’s Thomas Brosy on whether commercial property trends could affect city budgets.
Feb. 27: Can the US meet climate goals through tax reform? On Tuesday, Feb. 27, the Hamilton Project at the Brookings Institution will convene leaders and experts to discuss the future of climate policy through tax reform. The event will feature a fireside chat between Senate Budget Committee Chairman Sheldon Whitehouse (D-R.I.) and Richard Rubin of the Wall Street Journal. Learn more and register here.
The Daily Deduction will next publish on Tuesday, Feb. 20, in observance of Presidents’ Day. It will return to its regular schedule on Monday, Feb. 26, upon Congress’ return.
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