Senate passes stopgap spending bill, House will vote today. The Senate passed a continuing resolution to fund the government until Dec. 16. The bill now moves on to the House, which is likely to approve the measure today.
Well, that didn’t take long. Sen. John Barrasso and 11 GOP colleagues introduced a bill to repeal the corporate book minimum tax that was the revenue centerpiece of the Inflation Reduction Act. The senior Republican on the Senate Finance Committee, Sen. Mike Crapo, is a cosponsor. Repealing the tax would increase the budget deficit by about $300 billion over the next decade but the measure includes no pay-fors.
Cannabis tax revenue is down in some states: Auxier thinks that might be okay. TPC’s Richard Auxier writes about a new TPC report that details each state’s cannabis tax system, provides data on revenues, and explains the pros and cons of different cannabis taxes. States generally do not want taxes to discourage broad consumption of marijuana. Richard concludes that focusing too much on revenue growth could be counter-productive.
Missouri lawmakers debate a growing tax cut. Gov. Mike Parson had proposed a $700 million tax cut ahead of the legislature’s special session that started this week. But the House Budget Committee added an amendment to repeal the corporate income tax, increasing the cost of the bill to nearly $2 billion. The bill would cut the top individual income tax rate from 5.3 percent to 4.5 percent and gradually eliminate the 4 percent corporate income tax, contingent on revenue growth.
A 20-year property tax to combat climate change. Ann Arbor, Michigan spent about $20,000 to send more than 55,000 mailers (printed on recycled paper using soy ink) to educate voters about a tax proposal on the November 8 ballot. It would raise taxes by 1 mill for 20 years to help reduce carbon emissions and fight climate change. It could raise up to $6.8 million in its first year.
Spain levies a temporary wealth tax. The government announced a new wealth tax to fund social programs. The tax would affect 23,000 individuals worth at least $2.9 million in 2023 and 2024 and raise about €1.5 billion.
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