Mnuchin seems to think so. Pelosi does not. Treasury Secretary Steven Mnuchin said yesterday that a deal is “close” after meeting with House Speaker Nancy Pelosi. While the goal seems to be a budget paired with a debt limit increase, talks continue in a chaotic and uncertain atmosphere. Pelosi insists on dollar-for-dollar parity between defense and domestic spending hikes, an idea so far rejected by the Trump Administration. Mnuchin says if lawmakers and the White House reach no agreement before the August recess, he expects everybody to “either stick around, or raise the debt ceiling" as a short-term standalone measure. But last night Pelosi said a simple debt limit extension won’t pass the House and instead must be part of a broader fiscal deal.
Biden would raise taxes on the wealthy to fund his health care plan. Former vice president and current Democratic presidential candidate Joe Biden would restore the pre-Tax Cuts and Jobs Act top marginal individual income tax rate of 39.6 percent. And he’d roughly double the capital gains tax rate on those with incomes in excess of $1 million. In part, he’d use money to fund more generous tax subsidies for those who purchase insurance on the Affordable Care Act marketplaces.
More on the “caretaker EITC.” Vox explains the idea endorsed by a number of congressional Democrats and backed by Facebook co-founder Chris Hughes’ Economic Security Project. The plan, called the Cost of Living Refund (CLR), would give a full Earned Income Tax Credit to family members caring for children or older adults. TPC’s Elaine Maag analyzed the CLR earlier this month.
Wyoming cities want to raise their own taxes. Local governments currently must ask voters to approve sales tax increases — but not just voters in their own city or town. Voters in the entire county must approve tax hikes. The Wyoming Association of Municipalities wants the state to allow city councils to get approval from city voters only. It says voters outside city limits might be less likely to benefit from local projects and thus may vote against the taxes that fund them. But the Wyoming County Commissioner’s Association worries that counties would be at a disadvantage if cities become self-reliant. Without city voters, county tax bases may be too small to fund their needs.
Taxes on e-cigarettes in Wisconsin are tied for lowest in the country. The Wisconsin Policy Forum released a brief on the state’s e-cigarette tax, signed by Democratic Governor Tony Evers on July 3. Starting on October 1, Wisconsin will impose a five-cent-per-milliliter excise tax on e-cigarette fluid but the state Public Health Association said the tax is “nowhere near parity with taxation on cigarettes.” Evers had proposed a higher rate of 71 percent of the manufacturer’s wholesale price for vaping fluid and devices, a rate comparable to non-cigarette tobacco products. But it was rejected by the legislature.
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