In two weeks, join TPC for a conversation about tax policy, the election, and the year ahead. On Oct. 21, TPC will host a two-panel discussion about tax policy in the 2024 election and what it means for the upcoming year. The first panel will discuss presidential campaign proposals and related issues raised by Democratic nominee Kamala Harris and Republican nominee Donald Trump. The second panel will focus on how the election could impact tax legislation in 2025, particularly with large parts of the Tax Cuts and Jobs Act set to expire. Learn more and register for the virtual event here.  

History might reveal who would likely pay for Trump’s Social Security Plan. Trump vows he “will not cut one cent from Social Security and Medicare” and that “Seniors should not pay taxes on Social Security…and they won’t.” TPC’s Gene Steuerle explains why seniors pay taxes on Social Security. “The answer uncovers the secret behind both political parties' promises to protect seniors and their benefits: Protection has a price, and somebody will have to pay it,” he writes.   

Municipalities in Illinois brace for the loss of grocery tax revenue. Democratic Gov. JB Pritzker visited the city of Peoria last week and said ending the state’s 1 percent grocery tax was the right move to support lower-income consumers; the governor recommended that communities use a less regressive policy to recoup any lost revenue. Peoria leaders estimate the city could lose $4 million a year without the sales tax being applied to groceries.  

Brazil rolls out its minimum 15 percent tax on profits of multinational corporations. Reuters reports on the Brazilian government’s executive order making the tax effective. Brazilian officials are aligning the country with international corporate tax discussions as chair of the G20 and to ensure that it meets its 2025 fiscal goals.  

Congress is not in session. The Daily Deduction will resume its regular schedule on November 11.   

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.