It’s official: Rep. Jeffries announces bid to be Speaker of the House. New York Democrat Hakeem Jeffries announced Friday he is running to become Speaker of the House. He has served in the House for 10 years and was elected Democratic Caucus chair in 2018. He is not expected to face a challenge.
Looking to stay. House Ways & Means Committee Chair Richard Neal will lose his chairmanship when Republicans take control of the House next year but he wants to remain as the panel’s top Democrat. He’s asked fellow Democrats for their support.
Did Trump try to weaponize the IRS? Neal and Oversight Subcommittee Chairman Bill Pascrell asked Treasury’s Inspector General and the IRS to investigate whether Trump used the IRS to harass perceived political enemies, including former FBI director James Comey.
CBPP: Nearly 19 million children no longer qualify for the full federal child tax credit. The Center on Budget and Policy Priorities reports these children live in households that earn too little to qualify for the full $2,000 federal child tax credit. Nationwide, low-income Black and Latino children, as well as children of all races in rural areas, are especially likely to miss out. The researchers argue that if the program isn’t restored to 2021 levels, child poverty will return to pre-pandemic levels.
The fourth time’s the charm for repeal of the “pink tax?” A state lawmaker from Austin, Texas, would repeal taxes on menstrual products. She’s introduced it three times but it’s failed each time. She introduced her new version on the first day of the legislative filing period, hoping she’ll have more time to gather support.
Austria will tax oil and gas firms’ windfall profits. The government will levy a tax of up to 40 percent on the windfall profits of energy companies. The measure reflects the European Union’s push for a tax of at least 33 percent. Profits have soared in the wake of Russia’s invasion of Ukraine. “It is actually a war dividend,” said Austrian Vice Chancellor Werner Kogler.
Congress is not in session. The Daily Deduction will return to its regular schedule when Congress returns. Happy Thanksgiving.
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].