Ukraine Aid, School Taxes and Federal Prison


Aid to Ukraine passes Senate. The $40 billion emergency aid package was approved by the Senate just in time. The Pentagon had nearly used up its money to send weapons to Ukraine. Eleven Republicans opposed the measure. The House of Representatives passed the bill last week. It contains no offsets.

Schumer and Manchin talk about spending and taxes… again. Democratic Senate Leader Chuck Schumer and Senator Joe Manchin are reportedly talking about social spending, climate and taxation again. The two have a good working relationship but only have a few weeks left before an informal Memorial Day deadline. And while Manchin is in favor of raising tax rates on high-income businesses and households, fellow Democratic Senator Kyrsten Sinema is not. And Schumer needs the support of both in a 50/50 Senate.

GAO: A handful of IRS employees have inappropriately disclosed information about individual taxpayers. The Government Accountability Office reports that between 2012 and 2021, the IRS identified about 340 cases of unauthorized access to individual income tax returns by IRS employees and about 200 cases of unauthorized disclosure. Most of the employees involved were non-supervisory. Violators were fired, suspended or resigned.

Next week on the Hill. The Senate Finance Committee will hold a hearing Wednesday on supply chain resilience, exploring ways to reduce backlogs and strengthen long-term security.

Delaware lawmakers want to ban school boards from levying taxes after property reassessments. The House Education Committee unanimously passed a bill banning school boards from unilaterally raising property taxes after reassessment by the court. Delaware law currently allows the practice without a vote. Local schools get nearly a third of property tax revenues. The last assessment in Delaware’s three counties was in 1987.

Families in New Mexico will start receiving their state income tax rebates. This week, hundreds of thousands of residents can start receiving direct deposits of $250. A month ago, lawmakers approved the payments intended to help New Mexicans pay for the increased cost of living. The paper checks will be mailed in the next few days.

The oil industry continues to cut the UK windfall tax. Oil and gas producers say they are already paying around £7.8bn more in taxes due to price increases, compared to £3.1bn last year. They warn that sudden tax increases could lead to reduced investment in energy production.

A tax collector goes to federal prison for filing false personal tax returns. The 70-year-old elected official, Roseanne Czwalina, in Ridley Township, Pennsylvania, filed false personal tax returns for five years, underestimating her income by more than $400,000. She failed to report the fees she received for the services she provided to the municipality. She was sentenced to one year in prison and owes $112,486 to the IRS.

For the latest tax news, subscribe to the Tax Policy Center’s daily deductions. Sign up here to have it delivered to your inbox on weekdays at 8:00 AM (only on Mondays when the conference is recess). Tips on new research or other news are welcome. Email Renu Zaretsky at [email protected]



Source link

Leave a Comment

Your email address will not be published.