How much more revenue could the IRS collect if it had a bigger auditing budget? TPC’s Janet Holtzblatt weighs in on whether increasing the agency’s funding for audits would increase tax collections by more than the cost. She says yes, if the Internal Revenue Service spends its auditing budget wisely. Ensuring that wealthy taxpayers and large businesses pay what they truly owe “would help restore confidence in the fairness of the US tax system and the federal government. And raise some money.”
President Trump modifies his defense of his tax strategies. While he disputed The New York Times report on his taxes Sunday, yesterday he tweeted that he is entitled to make use of depreciation and tax credits in order to reduce his tax bill.
Alaska’s ballot initiative that raises oil taxes raises big donations, too. Alaska Ballot Measure 1, the North Slope Oil Production Tax Increase Initiative, would tax oil production using an alternative gross minimum tax or an additional production tax, whichever is greater for each month and each field measure. Big oil companies have so far contributed the most to opposition group OneAlaska—which has raised $15.4 million as of last Friday. The group has raised about 15 times more than the initiative’s supporters. Voters will decide on November 3.
Judge to offer opinion on Nashville property tax rollback referendum. The Davidson County Election Commission had considered adding the referendum, the Nashville Taxpayer Protection Act to its December ballot. It will now seek, after hours of debate last week, to ask a judge for an opinion on whether the referendum itself is valid. The referendum seeks, among other things, to not only roll back a voter-approved 34 percent property tax increase, but also limit property tax increases to 2 percent without going to voters, and require a bond referendum for any bonds totaling more than $15 million for some city projects.
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].
