Will Congress pass a $1.7 trillion omnibus spending bill this week? After Congress gave itself another week to agree to a spending plan, the Senate may release details of a bill today and try to vote by Thursday. If all goes according to plan, the House would vote Friday. Still uncertain: whether a final spending bill will include any of the many tax measures that are on the table.
Will House Democrats release former President Trump’s taxes? Tomorrow House Ways & Means Chairman Richard Neal will hold a closed-door meeting to decide whether to make Trump’s tax returns public. Politico reports Democrats intend to release at least some details, if not the full returns.
Kentucky Supreme Court rules school tax credit program unconstitutional. The program would allow donors to claim a tax credit for contributions to private school scholarship funds. The state’s high court ruled the program violates a constitutional prohibition against providing tax benefits without voter approval for raising or collecting funds for education “other than in common [public] schools.”
EU finalizes its carbon border tax. The European Union’s member states settled on the specifics of the tax yesterday. Starting in 2026, the Carbon Border Adjustment Mechanism (CBAM) will require foreign importers to cover the cost of their CO2 emissions. Trading partners of the EU argue the tax creates protectionist trade barriers.
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