Extending The TCJA, The Republican Platform, And A Celtics Sale
Nearly half the benefits of extending the TCJA would go to those making $450,000 or more. TPC’s Howard Gleckman reports on new TPC analysis that finds households making about $450,000 or more in 2027 would receive more than 45 percent of the benefits of extending individual and estate tax provisions of the Tax Cuts and Jobs Act (which are scheduled to expire after 2025). Making the provisions permanent would cut taxes for those making $1 million or more by 3.2 percent, or an average of about $70,000 in 2027. Those making $5 million or more would receive an average tax cut of nearly $280,000, or 3 percent of their after-tax income. Middle-income households would see their taxes decline by about $1,000, or 1.3 percent of their after-tax incomes.
Republicans approve their 2024 platform. Ahead of the Republican National Convention in Milwaukee, Wisconsin, next week, the Republican National Committee’s platform committee approved languagehighlighting 20 principles that include “large tax cuts for workers, and no tax on tips,” as well as tariffs and other policies to respond to “unfair Trading practices.”
Today on Capitol Hill. The Senate Finance Committee will hold a hearing this morning on child care and how federal policies can support families, close existing gaps, and strengthen economic growth.
Denver lawmakers will ask for a sales tax increase to support affordable housing. Democratic Mayor Mike Johnston and Denver City Council members plan to ask voters to pass an additional 0.5 percent sales tax to fund additional affordable housing projects. Denver’s current sales tax rate is 8.81 percent. The increase would raise an estimated $100 million annually.
Are the Boston Celtics up for sale because of taxes? TaxNotes reports (paywall) on the debate among policy experts over whether owners of the NBA’s Boston Celtics are planning to sell the team because of Massachusetts’s recently adopted 4 percent surtax on individual with incomes over $1 million. A representative from the Massachusetts Budget and Policy Center thinks there could be more factors at stake; the owners could be using the opportunity to sell high and earn a large profit.
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