Republicans have retained the House majority. With one party in control of both the House and Senate, analysts suggest the passage of a tax package that extends major portions of the Tax Cuts and Jobs Act(TCJA) could come together soon after the first quarter of 2025, reports MarketWatch. Some experts believe a reconciliation bill that includes such extensions could pass by the middle or end of next year.reconciliation bill that includes such extensions could pass by the middle or end of next year.
Ohio bill would offer a state tax break for overtime pay. State Rep. Tex Fisher (R) has introduced a bill that would let workers deduct overtime pay from their state income taxes. The bill has yet to be assigned to a committee, but Fisher plans to reintroduce it in January if it doesn’t advance this year.
Could a mortgage interest credit boost homeownership? A new study from Johns Hopkins University’s Carey Business School suggests that replacing the mortgage interest deduction with a refundable mortgage interest credit could increase US homeownership rates by nearly 6 percent, particularly benefiting low- and middle-income households. Researchers Michael Keane and Xiangling Liu analyzed the impact of a flat 24 percent mortgage interest credit applied equally across income brackets.
Montana Gov. Gianforte proposes large tax cuts in his budget proposal. Republican Governor Greg Gianforte unveiled his third executive budget plan, emphasizing a major $850 million income tax cut. This tax cut would be the largest of his tenure and includes a renewed push to expand a tax credit for low-income households. However, some Democrats and advocacy groups argue the cuts would primarily benefit wealthier Montanans and could ultimately lead to reductions in public services. Gianforte has not yet specified how he would offset the tax cuts.
European crackdown on VAT fraud nets 43 arrests. European authorities have arrested 43 people and seized €520 million in a sweeping investigation into a value-added tax (VAT) fraud and money laundering scheme tied to organized crime. The operation targeted a network of around 400 companies and 200 suspects across multiple European countries and the United Arab Emirates, mainly involving the trading of electronics. Those arrested are accused of helping organized crime syndicates in Italy reinvest fraudulent profits.
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