Tune in today at noon for your TPC Prescription with Adam Ozimek. The chief economist at the Economic Innovation Group joins TPC’s Howard Gleckman to discuss the fast-growing trend of remote work. Ozimek will talk about how policymakers should think about taxes and economic development as labor markets and the overall economy evolves. Register here and tune in here at Noon Eastern time.
Nebraska lawmakers hit reset on their tax cut package. To gain broader support among rural lawmakers, the state’s Revenue Committee voted to extend the phase-in of proposed income tax cuts from three years to five and added an income tax credit to offset property taxes that fund community colleges. Other lawmakers want to scrap the rate cuts entirely and instead give taxpayers a one-time, $200 rebate and adjust income tax brackets for inflation. Nebraska’s current tax rate on individual income is 6.84 percent.
Tax preparer heads to jail for tax fraud, will pay nearly $900,000. A Syracuse woman will serve 18 months in federal prison and pay the IRS $890,690.67. She ran her tax prep business out of her home, and filed false tax returns for herself and hundreds of clients between 2013 and 2017. She charged her clients between $30 and $50 per return, then directed their refunds to her own bank account.
The United Kingdom announces a fuel tax cut. Finance Minister Rishi Sunak announced a fuel tax cut of 5 pence per liter for 12 months, effective immediately. The move will cost about £5 billion or $6.6 billion. The tax had been frozen at 57.95 pence since 2011. The government has been under pressure to address the rising cost of living; inflation was at 6.2 percent in February, the highest in three decades.
Canadian government errs, seniors scramble. Last August, the government made One-Time Payments of $500 to residents age 75 and older. It was supposed to distribute notices reflecting that payment for their tax filing purposes. But an administrative error resulted in 67,797 seniors receiving notices with $500 entered twice. The government has sent some corrected slips but many seniors still are waiting. The deadline for filing taxes in Canada is May 2.
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