IRS will stop making unannounced visits to taxpayers. The IRS is making the change to “reduce public confusion and enhance overall safety measures for taxpayers and employees.” There are 2,300 IRS Revenue Officers whose duties include visiting taxpayers to resolve their account balances by collecting unpaid taxes and unfiled tax returns. There have been false claims that these officers are armed (they are not).
Fight over SALT could derail House GOP tax bill—but to what end? A small group of House Republicans in the SALT Caucus — advocating to raise or repeal the the $10,000 federal cap on state and local tax (SALT) deductions – plans to vote against the tax bill cleared by the Ways & Means Committee in June. While that bill would restore expired tax cuts for businesses passed under the Tax Cuts and Jobs Act, and repeal climate-oriented tax credits passed under the Inflation Reduction Act, it would not raise the SALT cap.. TPC’s Richard Auxier notes that a change to the SALT cap would not likely change local policy: “The states affected by [the SALT cap] have Democratic control. They’re not going to run out and cut taxes on their highest income earners.”
House Republicans want an expanded child tax credit for fetuses. Rep. Ashley Hinson (R-IA) is leading the effort, packaged as the Providing For Life Act. The plan would expand the child tax credit to include the unborn. When a child is born, parents would be able to claim the tax credit in both the prior year during the parent’s pregnancy the year the child is born.
How are New Jersey towns using marijuana tax revenue? Recreational sales of marijuana began in 12 New Jersey municipalities in April 2022. Ten of them have collected over $4.6 million since then, according to a USA TODAY NETWORK analysis. Revenue has paid for new firefighters in smaller towns and helped offset other costs in larger jurisdictions.
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].