Join TPC at 1 pm today for the “Tax Policy, the 2024 Election, and a Look Ahead to 2025” event. The Urban-Brookings Tax Policy Center is hosting conversation about tax policy in the 2024 election and what it means for 2025. The event will feature discussions on presidential campaign proposals and how the election looms over the nearing expirations of major Tax Cuts and Jobs Act provisions. Register here for the virtual event.
But first, a primer on the TCJA and the issues that lie ahead. TPC’s Aravind Boddupalli and Gianna Rodriguez offer an overview of the TCJA that are set to expire next year, the effect of those changes on the economy, and their impacts on families with children, pass-through businesses, and more. They also share background on the US tax system here.
Denver voters will consider a sales tax increase to fund its safety net hospital. On the ballot next month is a proposal to levy a 0.34 percent sales tax to fund Denver Health, the region’s safety net hospital. Food, medications, and fuel would be exempt from the tax. Denver Health’s CEO said other safety net hospitals in the US receive about 11 percent of their funding from local government, but Denver Health receives about two percent from the city.
In the UK, perhaps higher taxes on sales of businesses and inheritances. Chancellor of the Exchequer Rachel Reeves aims to raise $52 billion to help balance Britain’s budget. Part of her plan includes raising taxes on entrepreneurs when they sell their businesses by cutting a capital gains tax easement. Current policy allows them to pay 10 percent on those gains versus the usual 20 percent rate. That policy cost nearly $2 billion in revenue in the 2023-24 tax year, according to data from His Majesty’s Revenue & Customs. Reeves also plans to raise more revenue from the inheritance tax, but the finance ministry provided no further details on the plan.
Congress is not in session. The Daily Deduction will resume its regular schedule when Congress returns after November 11.
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