Senate to hold procedural vote on Tax Relief for American Families and Workers Act. The House-passed $79 billion bill to restore some business tax breaks and expand the child tax credit (CTC) is set for a procedural vote by the Senate this week, according to a spokesperson for Senate Majority Leader Chuck Schumer (D-NY). The vote may be blocked by Senate Republicans, who have called for changes to the bill and want a stronger work requirement for the CTC.
Vetting the tax policy records of governors on Harris’s VP list. The Democratic National Convention is just three weeks away. Campaign and media vetting of presumptive Democratic nominee Kamala Harris’s running mates—six of whom are governors—is under way. TPC’s Richard Auxier examines their tax policy records and how they might differ from their own national policy goals.
JCT: Opportunity Zone investments were most popular in Washington, DC, in 2022. The Joint Committee on Taxation’s new analysis finds that total investments in the nation’s capital were $84.7 billion in 2022, a per capita rate of $2,181. That’s the highest rate in the nation and ten times that of California, whose total investments were $9.5 billion. Most of the opportunity zone investments were in real estate ventures, notes Politico.
TIGTA: Most—but not all—IRS employees and contractors have been tax compliant. The Treasury Inspector General for Tax Administration (TIGTA) found that most IRS and contractor employees were compliant in tax filing and payments in 2023. But between Oct. 1, 2021, and April 1, 2023, TIGTA found about four percent of IRS employees and 10 percent of its contractors had not yet paid what they owed in taxes. The IRS had 85,539 employees and 25,732 contractors in 2023.
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