Senate Finance will mark up a retirement savings bill today. Chair Ron Wyden released a chairman’s mark yesterday and the committee will consider the measure today. The bill, called the Enhancing American Retirement Now (Earn) Act, includes multiple changes to the tax treatment of retirement savings and withdrawals. The House passed a similar bill earlier this year.
US Supreme Court: Maine’s tuition assistance program can’t exclude religious schools. The high court ruled that the state’s program was unconstitutional because it provided vouchers for private non-sectarian and public school tuition, but excluded schools with explicitly religious instruction.
Machine learning event today at noon. Join TPC at this virtual event featuring Alex Engler of the Brookings Institution, John Guyton of the IRS, and Una-May O’Reilly of the Massachusetts Institute of Technology. In a discussion moderated by TPC’s Janet Holtzblatt, they’ll examine the potential for using machine learning for tax enforcement. Tune in here.
Virginians get grocery tax relief, but no gas tax holiday. Lawmakers voted to cut Virginia’s state sales tax on groceries and personal hygiene products, including tampons and diapers. But the tax cut won’t go into effect until next year and allows localities to retain their share of the grocery tax. Lawmakers rejected a gas tax holiday, which would have suspended Virginia’s 26 cents per gallon levy.
Mohegan Tribe Chief Lynn Malerba will be the first Native American to serve as US treasurer. She will be the first Native woman and tribal leader whose name will appear on US currency. She also will oversee the Office of Tribal and Native Affairs, which is newly established to communicate directly with tribal nations and be the hub for tribal policy. Malerba also will oversee the US Mint and work as liaison to the Federal Reserve.
Germany is collecting more tax revenue than last year, but… The nation’s estimated tax revenues for the first five months of 2022 are 15.1 percent higher than last year, according to its Finance Ministry. But the ministry also acknowledges very high uncertainty about future tax revenues due to the Russian invasion of Ukraine.
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