Expanded Sharing, Tough Tariff Talk, And Settling
Treasury issues Notice of Proposed Rulemaking (NRPM) to expand IRS tax data shared with Census. After a 30-day comment period following the NRPM, Treasury and the IRS will develop a final regulation for expanded sharing of about 200 tax data items. These include additional income, deduction, tax, and credit items from Form1040; itemized deductions; information relating to tax incentives for students, home ownership, retirement, and health insurance; information on partnership returns; and information related to the gig economy and contingent work arrangements.
What would Donald Trump’s 100 percent auto tariff mean for the economy? Nothing good, writes TPC’s Howard Gleckman. Former President Donald Trump has vowed “to put a 100 percent tariff on every single car that comes across the line.” He offered no specifics, but Howard outlines why a 100 percent tariff on imported autos would create an economic disaster for US consumers and thousands of workers.
There’s potential in President Biden’s homebuyer tax credit. TPC’s Howard Gleckman explores the proposal. While it begins to restructure the way the US subsidizes home ownership, Howard argues that the proposal in Biden’s 2025 budget misses an opportunity by being temporary and by retaining the current mortgage interest deduction (MID). Gleckman suggests a far better plan would be to make the homebuyer credit permanent and repeal the MID, which currently benefits only a small number of mostly high-income homebuyers at a high annual cost.
Tomorrow at TPC: Racial disparities in tax subsidies for home ownership. Register here for tomorrow’s conversation. The noon virtual event will feature remarks from Jessica Fulton, vice president for policy at the Joint Center for Political and Economic Studies, and a presentation of new TPC research on racial disparities in the home mortgage interest deduction.
Wednesday at TPC: How has the anti-tax movement hijacked the country? Brookings and TPC will host a hybrid event to examine the anti-tax movement, opening with a presentation by Professor and author Michael Graetz He will then join Steven Dean (BU Law), Douglas Holtz-Eakin (American Action Forum), and Vanessa Williamson (Brookings) to examine this issue in detail from a variety of perspectives. David Wessel (Brookings) will moderate. Register here for the morning event.
Disney settles with Florida over special tax district. The company has settled with the Central Florida Tourism Oversight District. The Wall Street Journal reports the agreement gives Governor Ron DeSantis (R) more power over the company’s operations in the state while allowing Disney to expand it theme parks and resort properties.
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