Senate Tax Impasse Makes 2025 More Consequential
Senate Republicans block vote on child tax credit expansion and business tax deductions. As expected, Senate Republicans blocked legislation Thursday that would have cut taxes for working families and extended some corporate tax breaks. The vote was 48-44, falling well short of the 60 votes needed for cloture. The House had overwhelmingly approved the $79 billion bill in the spring. Senate Republicans may expect they can produce a different tax bill in 2025 if they win majorities in Congress and the White House. Senate Democrats may use the vote result as campaign fodder.
Vice President Kamala Harris’s record on using tax revenue to change government policy. TPC’s Howard Gleckman examines the legislative history of the presumptive Democratic presidential nominee. As a US Senator and 2020 Democratic primary candidate, she came out in favor of using the tax code to advance social and economic policy goals.
IRS’s cybersecurity program needs improvement, auditor says. The Treasury Inspector General for Tax Administration (TIGTA) released a report this week noting the IRS’s cybersecurity program generally aligned with standards outlined in statute, but needs to continue improving to adequately protect taxpayer data in the future.
IT outsourcer Infosys gets a huge tax bill in India. Infosys has to pay India’s goods and services taxes for the July 2017 to March 2022 period. The bill totals $3.9 billion, or ₹324 billion. Infosys believes the GST is not applicable on expenses incurred by overseas branch offices, reports The Financial Times.
Beginning next week, Congress will not be in session. The Daily Deduction will post on Mondays (and Tues., Sept. 3) until it resumes its regular schedule on Monday, Sept. 9.
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