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Tax Policy

All articles tagged with #tax policy

policy2 days ago

Treasury Proposes Stripping Tax Exemptions from Schools Using Race-Based Criteria

The U.S. Treasury and IRS have proposed regulations that would revoke the 501(c)(3) tax-exempt status of private schools and universities that use race, color, or national origin in admissions, scholarships, or other programs. This move follows the Supreme Court's 2023 ruling against race-conscious admissions and aims to enforce a strict nondiscrimination standard. While the rules are stringent, they remain vague, causing uncertainty among institutions about what practices, such as Black History Month, might trigger penalties. If finalized, the changes could affect up to 18,000 institutions and 750,000 scholarships, potentially forcing schools to replace race-based criteria with race-neutral alternatives like income or geographic location.

via Politico|
#civil-rights#higher-education#irs-regulations
economy2 days ago

Trucking Groups Call Trump’s Diesel Tax Deferral 'Minimal Relief' Amid Record Prices

President Trump signed an executive order on October 5, 2026, deferring the federal excise tax on dyed diesel for on-road use through year-end. While the White House claims this will save truckers up to $100 per fill, major trucking associations called the move 'minimal relief,' citing implementation complexities and limited fuel availability. Diesel prices average $6.31 per gallon, $2.64 higher than last year, creating political pressure ahead of November midterms.

via Politico|
#diesel-prices#economy#midterm-elections
November Ballots Set Stage for National Clash on Wealth and Income Taxes
economy4 days ago

November Ballots Set Stage for National Clash on Wealth and Income Taxes

In November 2026, voters in California, Colorado, and Washington will decide on major tax measures that could reshape state finances and influence wealth migration. California’s Proposition 40 proposes a one-time 5% wealth tax on billionaires, while Colorado considers replacing its flat tax with a progressive structure, and Washington may repeal a new millionaire’s tax. These votes highlight a growing national divide between states seeking to raise revenue from high earners and those competing to attract them through lower taxes.

via CNBC|
#ballot-measures#california-election#economy
politics7 days ago

Blakeman's Vague Policy Record vs. Hochul's AI Regulations in Final NY Campaign Stretch

With one month left until the November election, Republican candidate Bruce Blakeman faces criticism for lacking detailed policy platforms, focusing instead on attacking incumbent Kathy Hochul. While Blakeman proposed broad tax cuts, critics note the absence of funding mechanisms. Conversely, Hochul has advanced specific AI safety laws, contrasting with Blakeman's focus on opposing data center moratoriums.

via Politico|
#ai-regulation#bruce-blakeman#kathy-hochul
education8 days ago

Treasury finalizes rules for $26B federal school choice tax credit

The U.S. Treasury Department has released the final rules for the 'Education Freedom Tax Credit,' a federal program allowing donors to claim a 100% tax credit for contributions to scholarship-granting organizations. The program, set to launch on January 1, 2027, is projected to generate $26 billion in annual donations by 2030, funding private school tuition, tutoring, and special education services. While supporters argue it expands educational options, critics warn it may divert resources from public schools and exacerbate racial disparities. Democratic governors face increasing pressure to decide whether their states will participate in the voluntary federal initiative.

via Politico|
#education#education-funding#federal-regulations
Treasury Auto-Enrolls 60 Million Children in Trump Accounts, but Claiming Funds Still Requires Action
personal-finance8 days ago

Treasury Auto-Enrolls 60 Million Children in Trump Accounts, but Claiming Funds Still Requires Action

The U.S. Treasury has automatically created over 60 million Trump Accounts for eligible children, a shift from the previous opt-in system that saw low participation. While the accounts are now active, families must still manually claim them to receive the $1,000 federal seed contribution and private donations. The move aims to boost equity and participation, particularly among lower-income households, but experts warn that take-up rates may remain low without active engagement.

via CNBC|
#automatic-enrollment#child-investment#personal-finance
politics9 days ago

Senate Republicans unveil 56-page crypto tax bill as House measure stalls

Sen. Steve Daines (R-Mont.) introduced a 56-page bill to overhaul digital asset taxation, featuring stablecoin exemptions and wash-sale rules. While the House passed a bipartisan version in September, the Senate measure lacks Democratic support. Senate Finance Chair Mike Crapo aims to pass legislation before year-end, but midterm elections and procedural hurdles threaten the timeline.

via politico.com|
#congress#cryptocurrency#digital-assets
Hidden Wealth: How 3 Million Small Business Owners Outweigh Billionaires
economy10 days ago

Hidden Wealth: How 3 Million Small Business Owners Outweigh Billionaires

A new book by economists Owen Zidar and Eric Zwick reveals that 3 million American households with net worths over $5 million hold more collective wealth than the Forbes 400. These 'Main Street Millionaires' primarily own pass-through businesses in mundane sectors, benefiting from tax structures that lower their effective rates compared to traditional corporations.

via Slow Boring|
#economic-data#economy#political-power
Washington Voters Weigh $3 Billion Millionaires Tax Repeal in November
politics11 days ago

Washington Voters Weigh $3 Billion Millionaires Tax Repeal in November

Washington State voters will decide in November whether to repeal the 9.9% income tax on individuals earning over $1 million, a measure expected to generate $3 billion annually. Campaigns opposing the tax argue it violates state prohibitions on income taxes and may drive away wealthy residents, while supporters contend it is essential for funding public services. The debate centers on fiscal stability versus constitutional tax restrictions.

via KOMO|
#election-2026#initiative-645#politics
Washington voters face November ballot on 9.9% income tax for high earners
politics12 days ago

Washington voters face November ballot on 9.9% income tax for high earners

Washington State voters will decide in November whether to keep a new 9.9% income tax on individuals earning over $1 million, a measure expected to raise $3 billion annually. Critics argue the tax is an 'income tax' that could drive out wealthy residents and lead to broader taxation, while supporters call it a targeted 'millionaires tax' necessary to address fiscal shortfalls. Administrative complexities, including potential liabilities for nonresidents and cross-border issues with Oregon, have emerged as key concerns.

via The New York Times|
#elections#income-tax#initiative-645
Russia Shifts War Costs to Citizens via New Tax Hikes
politics-and-economy12 days ago

Russia Shifts War Costs to Citizens via New Tax Hikes

Russia's Finance Ministry has proposed a new three-year budget framework that significantly raises taxes to fund the war in Ukraine. The draft law targets passive income, foreign investors, and commodity producers to address a widening fiscal gap. These measures follow the recent parliamentary elections, which the Kremlin used to claim public support for the conflict.

via Euronews.com|
#budget-deficit#economy#politics-and-economy
Russia's 2027 Budget Draft Imposes New Tax Hikes to Cover War Deficit
economy13 days ago

Russia's 2027 Budget Draft Imposes New Tax Hikes to Cover War Deficit

Russia's Finance Ministry has submitted a draft budget for 2027-2029 that introduces significant tax increases to address a widening fiscal gap caused by military spending. The proposal includes a progressive tax on passive income, higher levies on foreign investors, and windfall taxes on commodity producers. These measures aim to offset a projected deficit of 2% of GDP, though analysts note the revenue gains may be insufficient to fully close the gap between military costs and state income.

via themoscowtimes.com|
#budget-deficit#economy#finance-ministry
Moscow’s 2027 Budget Draft Targets Foreign Investors and Domestic Wealth to Cover War Deficit
economy15 days ago

Moscow’s 2027 Budget Draft Targets Foreign Investors and Domestic Wealth to Cover War Deficit

Russia’s Finance Ministry has released a draft 2027 budget featuring significant tax hikes to address a growing fiscal shortfall driven by military spending. Key measures include doubling the dividend tax for foreign investors in 'unfriendly' countries to 35%, imposing windfall taxes on gold and metals producers, and raising rates on passive income for high-earning Russians. These moves aim to offset a projected deficit of 2% of GDP, though analysts note the revenue gains may be insufficient to fully close the gap between military costs and state income.

via Financial Times|
#budget-deficit#economy#foreign-investment