Congressional Democrats reintroduced a bill to raise taxes on high CEO pay. US Reps. Barbara Lee (D-CA) and Rashida Tlaib (D-MI) and Sens. Bernie Sanders (D-VT), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Ed Markey (D-MA) have reintroduced the Tax Excessive CEO Pay Act. Under the bill, corporations with large gaps between their chief executive officer’s and median worker’s pay would face higher federal corporate tax rates.
Republican lawmaker introduced a bill to repeal the “death tax.” On the other side of the political spectrum, Rep. Randy Feenstra (R-IA) introduced the Death Tax Repeal Act to permanently repeal taxes on the transfer of property from a deceased family member to their heirs. The current estate tax exemption is about $14 million for individuals and $27 million for married couples; however, the threshold was increased by the Tax Cuts and Jobs Act. Starting in 2026, the exemption will revert to 2017 levels but adjusted for inflation (which is currently projected to be $7 million for individuals).
What does former President Trump’s vow to “always protect Social Security” mean? TPC’s Howard Gleckman unpacks Trump’s promise to maintain Social Security’s status quo. Doing so would not “protect” Social Security. Absent a massive tax increase or trillions of dollars in borrowing, benefits will have to be cut across the board by 23 percent starting in 2033.
Intuit will appeal FTC’s final order on TurboTax advertising. The Federal Trade Commission (FTC) issued its final order this week barring Intuit from marketing its tax prep software as free unless it is free for all customers or clear about what share of users qualify for its free product. Since many users pay to use TurboTax, the FTC notes, advertising the product as free is “deceptive.”
An Arizona ballot initiative would ask voters to approve local tax breaks for property owners affected by homeless encampments. The state Senate bill would put pressure on local governments to enforce the state’s camping laws, reports TaxNotes (paywall). If it makes the ballot, Arizona voters would decide this November whether to require local governments to provide a tax break to property owners as compensation if a local government does not enforce existing anti-camping laws.
Michigan Gov. Gretchen Whitmer outlines plan for caregiver tax relief. The Democratic governor will unveil the Caring for MI Family Tax Credit proposal during her State of the State address this evening. The measure would give up to $5,000 in tax relief for thousands of Michigan families. The credit aims to cover expenses related to counseling, transportation and nursing or respite services.
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