Tune in today at noon for the TPC Prescription: Talking unemployment benefit reform with Michele Evermore. The deputy director for policy at the US Department of Labor Office of Unemployment Insurance Modernization will talk with TPC’s Howard Gleckman about efforts to streamline and improve unemployment insurance systems. Register and tune in here.
Yellen lowers expectations. Treasury Secretary Janet Yellen warns, “The economic outlook globally is challenging and uncertain. And higher food and energy prices are having stagflationary effects, namely depressing output and spending and raising inflation all around the world.” She placed much of the blame on Russia’s invasion of Ukraine at a press conference before meeting with the Group of Seven finance ministers in Bonn.
Michigan Gov. Gretchen Whitmer wants to repeal the “retirement tax.” In 2011, state lawmakers taxed retirement income for people born after 1946. Now, Whitmer wants to repeal the tax. The move would save 500,000 households an average of $1,000 a year. She’d exempt public pension benefits from tax and restore deductions for private-sector pension payouts, withdrawals from individual retirement accounts (IRA), and the portion of their 401(k) withdrawals.
A Democratic lawmaker in Indiana promotes a gas tax holiday. One state lawmaker handed out $15 gift cards to tout a suspension of Indiana’s 56-cent-per-gallon gasoline tax. He says that represents the high end of what a driver could save per fill-up.Gov. Eric Holcomb says his office can only suspend the tax if an existing or projected energy shortfall jeopardizes life, health and property. Otherwise, it’s up to the legislature.
Romania is considering tax reform. In a surprise move, Prime Minister Nicolae Ciuca announced a proposal to replace the current flat income tax rate with a progressive structure. A 16 percent flat tax has been in place since 2005. But Romania collected much less in tax revenue as a share of Gross Domestic Product (GDP) than the rest of the European Union. Romania’s fiscal deficit poses risks to its economic stability, Ciuca said, “Changes to the fiscal code are obviously necessary.”
A common reporting standard for cryptocurrency. The Organization for Economic and Cooperative Development (OECD) seeks public input on the Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard. A May 23 virtual meeting will focus on questions identified in this consultation document and issues raised in any written submissions. Learn more and register here.
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