Talks with Mexican officials yield no progress, as yet. President Trump said progress has been made, and Mexican President Andrés Manuel López Obrador is “optimistic” that the two sides would reach an accord with regard to immigration at the southern US border. If not, Trump intends to levy a 5 percent tariff on Mexican goods on Monday. That rate could climb to 25 percent by October. Trump dismissed concerns by senators who warn tariffs on Mexican products would do more harm than good.
And Trump gives himself two weeks to decide on tariffs on another $300 billion in goods from China. He told reporters yesterday that it could happen sometime after the Group of 20 summit at the end of June, during which he will meet with Chinese President Xi Jinping. This would be the first in-person talk between the two countries since negotiations fell apart on May 10.
Who is benefitting in TCJA Opportunity Zones? The Washington Post takes a closer look at the current projects underway through the Tax Cuts and Jobs Act’s Opportunity Zones and reviews the pros and cons of the new provision. The Urban Institute analyzed states’ Opportunity Zone designations in this report.
Next Tuesday, June 11, at TPC: Fighting Poverty and the Rising Cost of Living. Starting at 9 am, keynote addresses from members of Congress and an expert panel will discuss legislative and presidential proposed changes to the Earned Income Tax Credit (EITC). Participants will also review the most effective aspects of the EITC that lift vulnerable populations out of poverty and prevent those in the middle class from falling into poverty. The discussion will also cover a newly released analysis conducted by Urban-Brookings Tax Policy Center researchers of an expansion and modernization of the EITC, the Cost-of-Living Refund. The event will be webcast live here.
Also Tuesday: The 2019 Fiscal Summit: Building America’s Future. On June 11 starting at 8:00 am, the Peter G. Peterson Foundation will livestream its tenth annual summit, an annual gathering dedicated to addressing the nation’s long-term debt and improving its economic future. This year’s summit will feature representatives of the administration, Congress, and academia. A full list of speakers and agenda for the livestream is on the event website here
Coming up on the Hill. The House Ways & Means Committee will host a hearing on pathways to universal health coverage on Wednesday, June 12. On Wednesday, June 19, the House Financial Services’ Subcommittee on National Security, International Development and Monetary Policy will hold a hearing on the impact of recent trade and tax policies on the national economy.
In case you missed yesterday’s event at TPC… You can watch the webcast of the conference "Effects of Corporate and Business Provisions of the Tax Cuts and Jobs Act” here.
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].
