Groups seek changes to Trump account rules. New comments on proposed Trump account regulations show broad support for the new tax-deferred savings program for children but also highlight several practical questions for Treasury and the IRS. Tax Notes reports (paywall) the comments urge automatic enrollment so eligible children do not miss out on the pilot program’s $1,000 government contribution, and they ask for clearer rules on rollovers, means-tested benefit eligibility, and payment systems. The issues matter because Trump accounts are supposed to encourage long-term saving, but low take-up and administrative confusion could undercut that goal.
House Republican pushes bigger deduction for small businesses Rep. David Kustoff (R-TN) proposes a raise in the qualified business income deduction for noncorporate business owners to 23 percent from 20 percent, in part to position the idea for a possible future reconciliation bill. Kustoff argues the change would help small businesses and family farms, while also building on the tax structure Republicans created in 2017 and expanded in 2025. But the proposal could be costly; Kustoff acknowledged that if it moves through reconciliation, supporters would likely need to find an offset to pay for it.
Lubick Symposium returned to tax policy’s hardest trade-offs. A TaxVox recap of the Lubick Symposium shows how panelists wrestled with some of the biggest questions in tax policy: how to design family credits, how to tax capital income, and how to think about federal debt. On family policy, speakers broadly agreed that the earned income tax credit and child tax credit remain central tools, even as they differed over targeting, work requirements, and monthly versus lump-sum delivery. On capital income, panelists agreed that taxing high-income households effectively means confronting capital gains, stepped-up basis, and estate-planning loopholes. And on debt, the disagreement was less about whether rising debt matters than about how urgent and how politically realistic the response should be. You can watch the full symposium, including closing remarks from Len Burman, Senator Ron Wyden (D-OR), and former Speaker Paul Ryan (R-WI) here.
Philly mayor defends rideshare tax to help schools. Philadelphia Mayor Cherelle Parker (D-PA) is defending her proposal for a new $1 tax on rideshare trips as the city looks for ways to help close a $300 million school district budget gap. Parker said the shortfall stems from lost federal funding, not district mismanagement, and warned that without new revenue schools could face larger class sizes and fewer academic and student supports. She says the rideshare tax could generate about $50.4 million in recurring revenue for the district, though city lawmakers are continuing to work with Gov. Josh Shaprio to find ways to help Philly close the bigger budget gap.
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