Biden nears gas tax decision. President Joe Biden says a decision on a gas tax holiday could come this week. “I hope to have a decision based on the data I’m looking for by the end of the week,” he said. Over the weekend, Treasury Secretary Yellen said the Administration is open the idea. It could come as a temporary suspension or some form of rebate check. Most Hill Republicans oppose the tax holiday.
But no gas tax holiday in RI. Gov. Dan McKee says the budget agreement he’s reached with state lawmakers includes no gas tax holiday.
Yellen: A recession isn’t inevitable. She told ABC’s This Week she expects the economy to slow in the coming months, but not necessarily fall into recession. The Federal Reserve projects the economy will grow at 1.7 percent this year. It expects the unemployment rate to rise to 3.7 percent by the end of 2022 and climb to 4.1 percent through 2024.
Preparing for budget reconciliation, again. Senate talks continue over a slimmed-down Democrats’-only social spending, climate, and tax bill. Just to be sure, Senate leaders are preparing for a vote in July or early August. What they will vote on remains unclear.
On the Hill this week. The Select Committee on Economic Disparity and Fairness in Growth will hold a hearing tomorrow at noon on the tax code’s fairness and efficiency.
Santa Monica may legalize recreational marijuana sales and is preparing for a tax. So far, Santa Monica allows only the sale of medicinal cannabis, but last month the city council directed staff to study legalizing recreational sales. It also asked staff to research a November ballot measure to tax those sales. Most of the revenue would go to the state..
South Korea will delay its tax on digital assets for two additional years. The South Korean government had planned to impose a 20 percent tax on crypto-asset gains starting Jan. 1, 2023. After significant backlash from investors, the government says the tax will now go into effect in 2025.
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