The IRS has recovered $4.7 billion through targeted enforcement initiatives. These efforts include $1.3 billion collected from wealthy individuals with unpaid taxes and $2.9 billion from investigations into drug trafficking, cybercrime, and terrorist financing. Additional funding has enabled the resumed pursuit of high-income non-filers who have not submitted returns since 2017, the IRS said in a press release. The agency also reported significant advances in digital services and taxpayer support.
Ohio lawmakers advance property tax relief for homeowners aged 65 or older. The Ohio House has passed legislation to expand the homestead exemption for longtime homeowners aged 65 or older or those with disabilities. The proposal would raise the exemption from $26,200 to $50,000 for those with incomes below $38,600, with the aim of preventing property tax burdens from displacing vulnerable residents. The measure, which adjusts annually for inflation, would reimburse local governments for lost revenue.
Arizona ends rental tax to alleviate housing costs. Starting Jan. 1, Arizona tenants will no longer bear the cost of the state’s transaction privilege tax on rental properties. The benefit of the tax repeal will vary by municipality and could reduce rental costs by up to 2.3 percent.
FanDuel pushes back against proposed Michigan gaming tax hikes. The online gaming platform FanDuel has mobilized Michigan customers to oppose legislation that would raise sports betting taxes by 0.1 percentage point, from 8.4 percent to 8.5 percent, and increase online gaming tax rates on annual adjusted gross sports betting revenues. The proposed changes, introduced in the state Senate, could affect promotional offers and betting odds. FanDuel and other gaming operators argue the increases could drive players to unregulated platforms.
Up north, possible export taxes amid potential trade war. Canada is exploring export taxes on commodities like oil, uranium, and potash as a potential response to President-elect Trump’s proposed tariffs on Canadian imports, reports Bloomberg. While Canada prefers avoiding a trade war, such taxes could impact critical U.S. industries reliant on Canadian exports, including nuclear energy and agriculture. The measures are being considered alongside expanded export controls and retaliatory tariffs.
Down under, a new revenue-sharing tax targets tech giants. Australia plans to impose a tax on large digital platforms, including Meta, Google, and TikTok, unless they agree to share revenue with local news organizations. The tax, aimed at companies earning over 250 million Australian dollars annually from Australian users, seeks to sustain public interest journalism. While tech companies criticize the proposal as unfair and counterproductive, Australian officials argue it would help protect the media's role in democracy.
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