Daily Deduction Happy Tax Day!
Renu Zaretsky
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Fewer Americans think their federal income taxes are too high. A new Gallup poll finds that only 45 percent of those surveyed say they are paying too much in taxes.. That share hasn’t been that low since 2012—when 48 percent felt their taxes were about the right. The good feeling comes from Republican respondents, only 45 percent of whom said their taxes are too high. Sentiment did not change among Democrats and Independents.

Banks continue to get a TCJA boost. Bank of America, for example, had first-quarter after-tax profits of $6.92 billion this year, compared to $5.34 billion last year. The bank says the Tax Cuts and Jobs Act, coupled with rising interest rates, boosted profits.

No such thing as a free lunch. Or a security detail. Or an airline ticket. Since he took office in February 2017, EPA administrator Scott Pruitt has received $3 million in security and travel—some of which government auditors say was not for official business—since taking office in February 2017. Much of that money may count as income, which means Pruitt could owe a great deal in federal and District of Columbia income taxes. Ouch.

It’s Tax Day. Do you know where your adult children’s taxes are? The Wall Street Journal reports on loving parents who do their taxes for their children… even if they’re 26… or 42. One parent doesn’t want his grown children to make a mistake and have the IRS “bugging them.” And a 42-year-old woman says “It’s not like I don’t think I could learn how to do it, But if my dad legitimately seems to enjoy doing it and it saves me time, why not?”

About the departing House Ways & Means staffer. David Stewart, who was instrumental in the GOP’s efforts to pass the TCJA, will join the law and lobbying firm Squire Patton Boggs. He’ll begin there as a principal in the firm’s public policy practice later this month.

If you’d like to tell us about a new research paper or have any comments about the Daily Deduction, TPC’s summary of the day’s tax news, write Renu Zaretsky at [email protected]. You can sign up here to receive the Daily Deduction as an email newsletter every weekday morning (Mondays only when Congress is in recess) at 8:00 am.