The fate of the expanded Child Tax Credit (CTC) House Democratic Caucus Chairman Hakeem Jeffries said he’s confident that his party won’t let the credit expansions expire at the end of the year. If Congress does not act this month, recipients might not get their January payments on time.
The debt deal edges closer… Senate Republican leaders are working to secure votes to bypass a filibuster on a debt ceiling vote. The Senate expects to take an initial vote today on a bill to prevent Medicare cuts and allow Democrats to approve a debt limit increase with no GOP support.
ProPublica: Billionaires’ hobbies create millions of dollars in tax savings. The news organization’s latest story based on confidential tax records of the ultra-wealthy finds that hobbies such as horse racing and other side businesses created huge write-offs. Some allowed the individuals to pay little or no income tax for as much as ten years at a time. Largely, it’s thanks to the hobby loss deduction that has been around since 1969.
How is Illinois using its marijuana excise tax revenue? The state legalized the sale of weed this year and collected nearly $563 million in taxes on marijuana through November. The excise tax on pot sales generated $319 million, $100 million more than the tax on alcohol. About $134million goes to communities hardest hit by drugs and to mental health and drug treatment initiatives. A similar amount has gone to the general fund. The rest goes to administrative costs, local governments, substance abuse education and research.
Tune in at noon: TPC’s Prescription with Matt Darling. The Niskanen Center’s employment policy fellow will talk with TPC’s Howard Gleckman about the impact Build Back Better might have on the evolution of labor markets. They start at noon here.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
