Senate Republicans have blocked a vote on the proposed child tax credit expansion and business tax deductions. As expected, the legislation, which aimed to cut taxes for working families while extending some corporate tax breaks, was halted with a 48-44 vote, falling short of the 60 votes needed for cloture. The House had overwhelmingly approved the $79 billion bill in the spring. Senate Republicans may be banking on producing a different tax bill in 2025 if they secure majorities in Congress and the White House. Meanwhile, Senate Democrats might leverage the vote result as campaign fodder.
Vice President Kamala Harris’s Tax Policy Record
Vice President Kamala Harris’s record on using tax revenue to influence government policy is under scrutiny. TPC’s Howard Gleckman examines the legislative history of the presumptive Democratic presidential nominee. As a US Senator and 2020 Democratic primary candidate, Harris advocated for using the tax code to advance social and economic policy goals. Her stance on leveraging tax policy for broader societal benefits continues to be a focal point of her political identity.
IRS Cybersecurity Program Needs Improvement
The Treasury Inspector General for Tax Administration (TIGTA) released a report this week highlighting that while the IRS’s cybersecurity program generally aligns with standards outlined in statute, there is still room for improvement to adequately protect taxpayer data in the future. The report underscores the need for ongoing enhancements to ensure robust cybersecurity measures are in place.
Infosys Faces Major Tax Bill in India
IT outsourcer Infosys has been hit with a substantial tax bill in India. The company is required to pay India’s goods and services taxes for the period from July 2017 to March 2022, amounting to $3.9 billion, or ₹324 billion. Infosys contends that GST should not be applicable on expenses incurred by overseas branch offices, according to reports by The Financial Times.
Beginning next week, Congress will not be in session. The Daily Deduction will post on Mondays (and Tues., Sept. 3) until it resumes its regular schedule on Monday, Sept. 9.
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