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The Latest Breaking News from Tax Cuts

Virginia Tax-Free Weekend Gone Despite Massive Budget Surplus

For the first time in years, Virginia shoppers won’t have a back-to-school sales tax holiday in August.

Kiplinger

Billions in property tax cuts need Texas voters’ approval before taking effect. Here’s what you need to know.

Legislation passed this month would raise the state’s homestead exemption to $100,000, lower schools’ tax rates and put an appraisal cap on residential and commercial properties, among other measures. But voters must approve a constitutional amendment first.

The Texas Tribune

‘Vast’ growth in value of England rentals since 1990 would have built 3m council homes

Exclusive: Private rentals have grown £400bn in value – making a mockery of landlords’ demands for tax cuts, say campaigners

The Guardian - UK

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RBA lifer Michele Bullock may have the luck of playing good cop to Philip Lowe’s bad

The Reserve Bank of Australia’s first female governor will begin her appointment at or very near the end of the cycle of rate rises

The Guardian - AU

Rishi Sunak signals no tax cuts before next election amid inflation fears

PM says reducing inflation ‘takes precedence over everything else’

The Independent UK

Property tax cuts hit the fast track as Texas Senate advances long-awaited agreement

The package could land on Gov. Greg Abbott’s desk by the end of the week. Voters must pass the plan in a constitutional election in November for it to take effect in the 2023 tax year.

The Texas Tribune

Jeremy Hunt prioritises tackling inflation over tax cuts amid pressure from Tory MPs

JEREMY Hunt will say he is prioritising tackling inflation over tax cuts, in a blow to Tory MPs clamouring for a pre-election giveaway.

The National (Scotland)

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Hunt prioritises tackling inflation over tax cuts amid pressure from Tory MPs

Jeremy Hunt’s comments will irk some Conservatives pushing for a pre-election giveaway.

The Independent UK

Tory lord blasts ‘significant sizeable wing’ of party as ‘completely and utterly insane’

Lord Vaizey called on Conservative MPs to stop ‘banging on’ about tax cuts

The Independent UK

UK tax cuts unlikely before election, says Jeremy Hunt

Chancellor calls on firms to tackle high prices as government remains far from pledge of halving inflation to 5%

The Guardian - UK

Chancellor downplays tax cuts and admits calming inflation tougher than feared

The Chancellor said he must ‘double down’ to bring down prices rather than increase demand in the economy

Evening Standard

As Texas lawmakers tussle over property tax relief, it’s unclear whether renters will benefit

Texas’ top Republicans are fighting over how to split property tax cuts between businesses and homeowners. Democrats want renters to see relief, too.

The Texas Tribune

UK mortgage rates spike to highest level since Truss tax plan spooked markets

Homeowners and renters in the U.K. are facing further grim news as mortgage rates hit levels not seen since unfunded tax cuts announced by the government last fall spooked investors

The Independent UK

Will Pennsylvania Tax Breaks Help Replace Lost Residents?

Proposed Pennsylvania tax breaks could result in big tax cuts, but if the tax breaks happen, will they be enough to help Pennsylvania replace the 40,000 residents it lost?

Kiplinger

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Zenger

Bidenomics: Tax Cuts For Wealthy And Corporations Don’t Benefit Middle Class, Says US President

Biden stresses on need to move away from top-down approach of trickle-down economics and focus on empowering American workers.

The Texas Tribune

With second special session underway, Texas lawmakers offer opening property tax-cut proposals

A stalemate among Texas’ top Republicans has dragged on for months. Tax-cut proponents in the House and Senate made their first pitches to end the impasse Wednesday.

The Texas Tribune

A property tax deal has eluded Texas lawmakers. Here’s where things stand at the start of another special session.

Top Republicans promised property tax cuts, but have been locked in standoffs on how to achieve it. Gov. Greg Abbott has called another overtime legislative session in hopes of solidifying a plan.

The Texas Tribune

First special session ends with no new laws, Texas lawmakers still deadlocked on property taxes

Gov. Greg Abbott quickly called lawmakers back to the Capitol for round two, hoping to break an impasse that has outlasted the regular session and one overtime period.

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Axios

The next president's $4 trillion problem

Republicans' tax cuts and Democrats' enhanced ACA subsidies both expire in 2025.

Kiplinger

What Is the Bonus 'Guaranteed' Standard Deduction?

A proposed Republican tax cut package contains a 'bonus' of up to $4,000 for the current standard deduction. Could it help?

The Texas Tribune

Texas senators include more property tax cuts for businesses in new pitch to break impasse with House

The Senate’s latest proposal is an apparent effort to appease Gov. Greg Abbott and the lower chamber. The state’s top Republicans have been at odds for months over how to use the state’s historic budget surplus to cut property taxes.

The New Daily

Dutton’s climate ‘stunt’ sacrifices tax cut promise: Labor

The Coalition risks sacrificing an election promise on small business tax cuts to pull a political stunt on climate change, Labor claims.

The Guardian - US

Joe Biden rallies with union workers in Philadelphia: ‘You built America’

President enlists support of union members against GOP tax cuts for the wealthy at first political rally of 2024 re-election campaign

Salon

GOP budget would destroy Social Security

The proposed budget calls for tax cuts for the uber-rich and an increase in the Social Security retirement age

Roll Call

Partisan clash on spending and taxes - Roll Call

CQ Roll Call's David Lerman, Aidan Quigley and Laura Weiss dissect the partisan battles brewing over appropriations and tax cuts.

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