Racing to find an ACA tax credit compromise. With the enhanced Affordable Care Act (ACA) premium tax credit set to expire at year’s end, lawmakers are scrambling to agree on a path forward. Several House proposals would extend the credit, some with new income caps, from six times the federal poverty level to ten times. Tax Notes reports a few GOP lawmakers are floating another alternative altogether: replacing the ACA’s subsidy structure with a federally funded flexible spending account. President Trump has said he supports letting the credit lapse.
This week on Capitol Hill. Tomorrow the House Budget Committee will hold a hearing on oversight of the Congressional Budget Office. On Wednesday, Nov. 19, the House Ways and Means Committee will hold one subcommittee hearing on improving outcomes for youth in foster care and one subcommittee hearing on modernizing care coordination for chronic disease. Also Wednesday, the Senate Finance Committee will hold a hearing on health care affordability.
Nevada: Ground zero for the “no tax on tips” battle? Both parties are pitching hard to tipped workers in Nevada, where five percent of workers earn tips — twice the national average. Republicans are highlighting the deduction for tipped income passed in the One Big Beautiful Bill Act; Democrats counter that the measure is temporary, far smaller than benefits that went to high-income households, and insufficient without raising base wages and ending subminimum pay. Politico reports that Nevada’s Culinary Workers Union is demanding broader wage and tax reforms.
Minnesota property tax levies could rise nearly $1 billion. Preliminary data from Minnesota’s Department of Revenue show proposed 2026 local government levies increasing by nearly 6.9 percent, or about $948 million more than taxpayers owed this year. MPR News reports that cities and counties cite rising labor, benefit, and operating costs, along with new financial pressures tied to federal policy changes.
UK chancellor rules out raising income tax rates, for now. Britain’s Chancellor Rachel Reeves has decided not to raise income tax rates in the upcoming budget, sidestepping weeks of speculation that she might break Labour’s campaign pledge. As the BBC reports, updated economic forecasts narrowed the government’s estimated fiscal gap from £30 billion to about £20 billion.
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