“Everyone’s watching to see what you will do.” The Senate advanced a bipartisan stopgap spending bill, but Republicans still want changes. The chamber advanced legislation that would prevent a government shutdown, but a group of Senate Republicans wants to add immigration policy changes to the bill. Another procedural vote could take place on Saturday. It remains unclear whether the House would vote on the bill if the Senate passes it. The continued negotiations mean a shutdown could kick in on Sunday.
“Everyone’s looking at you, oh, everyone’s wondering…” Federal agencies are telling federal workers that a shutdown appears imminent. It noted that millions of employees and military service members may stop receiving pay on Sunday, Oct. 1, unless Congress seals a last-minute funding deal to keep the government open after Saturday. A shutdown forces the government to conduct only its most vital functions.
“Everyone’s tryin’ to get it right.” Senate Finance Committee Chair Ron Wyden (D-OR) asked IRS Commissioner Danny Werfel to pursue criminal action against high-income non-filers. In a letter to the commissioner, Wyden urged the IRS to increase enforcement using Inflation Reduction Act funding, specifically on individuals with an “egregious level” of noncompliance who refuse to file tax returns. According to IRS data, a group of 2,000 non-filers owed $923 million for taxes owed between 2017 and 2020. Of that group, only 2 were in active criminal investigation and only 58 have been subjected to liens and levies.
“Everybody needs a second chance.” Nigeria may soon shift more of its tax burden to the wealthy and while cutting corporate taxes. A planned overhaul of the tax system, part of President Bola Tinubu’s effort to revive the nation’s economy, aims to lift the country’s tax revenue from 11 percent of gross domestic product to 18 percent within three years. The reform effort would include reducing the number of taxes from 70 to less than 10, and making “the rich pay what is fair,” according to Taiwo Oyedele, who is leading the government’s tax reform panel. The government also seeks to reduce the effective corporate tax rate, which is currently at 40 percent, Bloomberg reports.
*Special thanks to songwriters, Matthew Frenette, Mike Reno, and Paul Dean
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