Renu Zaretsky

Bloomfield Township

Writer at Tax Policy Center

#TaxHound and #DailyDeduction writer @TaxPolicyCenter; TPC's TaxVox editor. Views mine alone, RTs not endorsements

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Daily Deduction

Nov 18, 2024 | taxpolicycenter.org | Renu Zaretsky

Briefing Book Fiscal Facts Events Home Past Events Individual Taxes Business Taxes Federal Budget and Economy State and Local Issues Campaigns, Proposals, and Reforms View All Topics About TPC Resources Our People Advisory Board Contact Us Support Our Work Latest Daily Deductions DAILY DEDUCTION Tomorrow on Capitol Hill: The JEC meets on the TCJA.
IRS Funding and Staffing; Possible Tax Increases in Boston

Sep 29, 2024 | taxpolicycenter.org | Renu Zaretsky

What’s to become of IRA funding of the IRS? TaxNotes reports (paywall) that the stopgap funding bill keeping the federal government funded through December 20 could rescind $20.2 billion in IRS enforcement funds made available through the Inflation Reduction Act (IRA). That would nearly drain that account if the rescission is included in the final fiscal 2025 budget deal. Where do the major party candidates stand on tax policy?
Shutdown Averted, Congress Heads To Home Districts

Sep 26, 2024 | taxpolicycenter.org | Renu Zaretsky
TPC Estimates Impact Of SALT Repeal

Sep 24, 2024 | taxpolicycenter.org | Renu Zaretsky

TPC: Those making over $430,000 get most of the benefit of a SALT cap repeal.Repealing the $10,000 cap on state and local tax (SALT) deductions would cut 2025 taxes by an average of more than $140,000 for the highest-income 0.1 percent of families. A repeal would provide little or no help to low- and middle-income households, according to a new Tax Policy Center analysis. Those making $430,000 or more get nearly three-quarters of the benefit of eliminating the cap.
Tax Credits for Film, Sales Taxes for Alcohol

Sep 23, 2024 | taxpolicycenter.org | Renu Zaretsky

The Continuing Resolution continues to move through Congress. Politico reports the 49-page document would mostly hold federal funding at current levels for the first twelve weeks of the fiscal year, from Oct. 1 through Dec. 20. It includes $231 million in additional funding for the US Secret Service. The House Rules Committee met yesterday to initiate floor debate on the measure. IRS names new head of the Independent Office of Appeals. The agency selected Elizabeth Askey to serve in the role.
House GOP Unveils Federal Spending Plan

Sep 22, 2024 | taxpolicycenter.org | Renu Zaretsky

Congress aims to vote on stopgap spending bill this week. After bipartisan negotiations in the House and Senate, Speaker Mike Johnson (R-LA) shared last night a continuing resolution that would keep the government funded at current levels through Dec. 20. The legislation does not include a provision backed by Republican presidential nominee Donald Trump that would require proof of citizenship to vote.
Everybody’s Working Through The Weekend?

Sep 19, 2024 | taxpolicycenter.org | Renu Zaretsky

Negotiations are underway to fund the government after Oct. 1. Politico reports that Sen. Susan Collins (R-ME) expects the Senate and House to soon begin government funding negotiations. Senate Majority Leader Chuck Schumer (D-NY) is preparing a stopgap funding bill to avoid a government shutdown on Oct. 1, in case negotiations falter. “Both sides are going to spend the next few days trying to figure out the best path,” Schumer said.
Another Spending Bill Stalls With Deadline Approaching

Sep 19, 2024 | taxpolicycenter.org | Renu Zaretsky

Spending bill fails in the House. Speaker Mike Johnson (R-LA) brought a short-term spending bill to the floor yesterday, but it failed to secure the votes needed for passage. Funding for the federal government expires Oct. 1. Given that timeline, a stop-gap measure that funds the government into December appears more likely. Fed cuts interest rates for the first time since 2020.
Trump Adds SALT To His Tax Agenda

Sep 17, 2024 | taxpolicycenter.org | Renu Zaretsky

Trump promises to revive the state and local tax deduction. In a social media post, Republican presidential nominee Donald Trump said he “will turn it around, get SALT back, lower your Taxes, and so much more.” The Tax Cuts and Jobs Act of 2017, enacted under the Trump administration, capped state and local tax deductions at $10,000. Democratic lawmakers have since advocated for increasing that amount or removing the cap. House Democrat introduces TIPS legislation. Rep.
Small Business Tax Filing, Tax Transparency

Sep 16, 2024 | taxpolicycenter.org | Renu Zaretsky

Reviewing Harris’ plan to make tax filing easier for small businesses. Democratic presidential candidate Kamala Harris has proposed a new standard deduction for small businesses that would help simplify the filing process. TPC’s Howard Gleckman suggests that it isn’t an ideal fix and it’s missing some key details. But the proposal attempts to prioritize “an issue that really matters to business owners.” Tomorrow on Capitol Hill.