So Floor Vote, Maybe? | Tax Policy Center
“I threw a wish in the well…” The Tax Relief for American Families and Workers Act of 2024 is set for a House vote. The bill will need a two-thirds to pass under a suspension of the rules. After meeting with the House Republican conference yesterday, Speaker Mike Johnson (R-LA) expressed confidence in passage of the $79 billion package, reports Politico, despite continued infighting.
“Don’t ask me, I’ll never tell.” Bipartisan opposition to the tax bill remains: The Wall Street Journal reports that Speaker Johnson is working toward a consensus but hasn’t yet reached one. Sticking points remain, with some Republicans chafing at the expansion of child tax credits. They worry it could undermine the incentive to work or benefit children of undocumented immigrants. Democrats say the bill’s expansion doesn’t go far enough. Other lawmakers from high-tax states object to retention of the $10,000 cap on state and local tax deductions.
“I looked to you as it fell.” New Jersey Attorney General fines energy company $5 million. Holtec, International, an energy company tied to high-profile state Democrat George Norcoss III, received $260 million in tax credits in 2014 through New Jersey’s Economic Opportunity Act. State officials held hearings investigating the tax breaks and started criminal inquiries, but no punitive action resulted. Instead, the $5 million penalty allows Holtec officials to avoid criminal prosecution for failing to provide accurate information in a 2018 application for a $1 million tax break. “No matter how big and powerful you are, if you lie to the state for financial gain, we will hold you accountable,” State Attorney General Matthew Platkin said.
“And now you’re in my way.” West Virginia considers a increase a tax to fill a funding Medicaid gap. The state faces a $114 million gap in funding. Lawmakers have proposed an increase to the Medicaid fee, or tax, paid by managed care organizations. But Republican Senate Finance Chairman Eric Tarr expressed concern that West Virginians could end up with a bigger financial burden if it increases the provider tax.
Special thanks to Carly Rae Jepsen.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
