No more income tax? Republican presidential nominee Donald Trump has again raised the prospect of eliminating the income tax, most recently on Friday in a podcast with Joe Rogan. When asked whether he was serious about the idea, Trump said, “Yeah, sure, why not?” Trump campaign adviser Jason Miller told reporters Saturday that elimination of the income tax is an “aspirational goal.”
Expanding the EITC to boost incomes for workers without children would cost $140 billion over ten years. TPC’s Margot Crandall-Hollick shares the findings of a recent report on the impact of the temporary expansion in 2021 of the Earned Income Tax Credit (EITC) for workers without children. Younger workers benefited the most, and a large share of recipients were in the South. TPC estimates permanently reinstating the 2021 expansion would boost the incomes of low-income workers and cost about $140 billion in revenue between 2025 and 2034.
Four state tax ballot measures to watch next week. TPC’s Richard Auxier outlines the big choices that voters in four states will face at the polls next week. Outcomes in North Dakota, Oregon, South Dakota, and Washington will shape the future of taxes in those states on capital gains, corporate income, groceries, and property.
California Gov. Gavin Newsom proposes $750 million in annual state tax credits for the film and television industry. The Democratic governor’s proposal would more than double the state’s current film and television industry credit. If his plan is approved, California would be second only to Georgia in its film industry incentives. California’s program is currently capped at $330 million a year and was last expanded by the legislature in 2014. Georgia currently has no limit on film tax credits.
Congress is not in session. The Daily Deduction will resume its regular schedule when Congress returns after November 11.
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