Wyden disputes JCT numbers on taxes paid by the wealthy
Sen. Wyden challenges the Joint Committee on Taxation’s figures on what ultra-wealthy taxpayers pay in taxes. This week, JCT calculated the top 0.01 percent paid an average federal rate of 34 percent for 2019. Per Politico (paywall), Senate Finance Committee Chair Ron Wyden (D-OR) called out the JCT numbers for ignoring the “buy-borrow-die” technique the wealthy use to avoid realizing capital gains. The Treasury proposes rules for the corporate alternative minimum tax.The Internal Revenue Service has today
proposed regulation in order to provide guidance regarding the Corporate Alternative Minimum Tax. The Inflation Reduction Act created the CAMT. It is a minimum 15 percent tax on “book” income for large corporations beginning in taxable years after Dec. 31, 2020. Treasury regulations will help determine if a company is subject to CAMT, and set rules for multinational groups with foreign parent companies. The tax is expected to affect about 100 large companies and generate $250 billion in revenue over 10 years. No funding patch yet for the federal government. Speaker of the House Mike Johnson, R-LA, had to pull a vote with the budget deadline approaching on October 1. This legislation would have funded federal agencies and programs for six months. House Republicans vote to limit EV tax credit eligibility.
The bill would further limit which automobiles are eligible for the electric vehicle tax credit by adjusting the definition of a “foreign entity of concern.” House Republicans said the bill would assure tax credits don’t benefit foreign adversaries, but the
Biden administration has argued the legislation would add “new, unclear, and unworkable restrictions” to the tax credit. . The former IRS worker agreed to fully repay his victims in his plea agreement, TaxNotes reports (paywall) Republican Gov. The former IRS worker agreed to fully repay his victims in his plea agreement,
TaxNotes reports (paywall) Republican Gov. Jim Justice is willing and able to reduce West Virginia’s state spending in order to offset a personal tax cut. Justice has not revealed specific plans for achieving his 5 percent tax reduction, which could return $115,000,000 to taxpayers. Subscribe to the Tax Policy Center Daily Deduction for the latest tax news. Sign up here for it to be delivered to your inbox on weekdays, at 8:00am (Mondays are only available when Congress is recessing). We welcome any tips about new tax research, or other news.
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