Senate approves debt ceiling legislation. With just days before the US could potentially breach its debt limit, a Senate vote of 63-36 sent legislation to President Biden to suspend the debt ceiling until 2025 and curb non-defense discretionary spending. It now awaits Biden’s signature.
Washington State’s capital gains tax may generate $849 million this fiscal year. The 7 percent tax on the sale or exchange of $250,000 or more in assets such as stocks and bonds, was recently upheld as constitutional by the state’s Supreme Court. Collections thus far are well above the $248 million the Washington Department initially estimated the tax could raise..
Three companies paid one-third of all corporate tax in Ireland between 2017 and 2021. The Irish Fiscal Advisory Council found that three firms accounted for 34 percent of all corporate tax revenues in the last few years. The share ranged from between 30 and 38 percent. Last year Ireland raised €22.6 billion ($24.3 billion) in corporate taxes, 182 percent more than the €8 billion ($8.6 billion) five years ago. The Irish government plans to use the corporate tax windfall to establish a sovereign wealth fund.
California Senate passes Airbnb tax to fund California housing. A bill in the state’s Senate would levy a 15 percent tax on short-term rentals starting in 2025. The proposed tax, with current local transient occupancy taxes, could generate an estimated $150 million a year for building or rehabilitating low- and middle-income housing. Opponents of the proposal argue the tax would likely be passed on to customers and hurt business.
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