A Special Corporate Tax rate and More Direct Filers
Five questions about Trump’s made-in-America corporate tax rate. Republican presidential nominee Donald Trump recently proposed cutting the current 21 percent corporate tax rate to 15 percent, but only for domestic production. TPC staff suggests some issuesto consider.
Hyper-targeted tax breaks are a troubling campaign trend. TPC’s Howard Gleckman reviews the level of specificity in tax subsidies promoted by both Republican presidential nominee Donald Trump and Democratic presidential nominee Kamala Harris. Maryland joins IRS Direct File. State Comptroller Brooke Lierman stated last week that 700,000 estimated state residents would qualify for the IRS’s online tax filing program. The IRS launched the pilot program in 12 states in the first half of this year, and announced plans to make it permanent in 2025.
Newly amended legislation in the state would establish a tax credit for families with children through age 17, reports TaxNotes(paywall). It would have income phaseouts, similar to tax breaks such as the Earned Income Tax Credit. The credit would be paid out in quarterly payments, and
wouldn’t be considered income when determining eligibility for benefits. Alabama’s grocery sales tax cut has a smaller-than-expected impact on the state budget. The deputy director of the Fiscal Division at the Legislative Services Agency noted that, when the grocery tax cut was first proposed, the estimated impact on the Education Trust Fund of the state was 152 million dollars in the first year. This impact is likely to be closer towards $124 million. Subscribe to the Tax Policy Center Daily Deduction for the latest tax news. Sign up here for and receive it in your inbox every weekday at 8 am (Mondays are only available when Congress is on recess). We welcome any tips about new tax research, or other news. Email
Renu Zaretsky.
