House Tax Bill Would Worsen Business Tax Parity
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Diverging Reports Breakdown
Trump-GOP Tax Bill a Gift to ‘Predatory Landlords’ That Will Worsen Already Dire Housing Crisis
Proposed budget reconciliation package will make mortgages expensive and harder to obtain, a progressive tax policy group warned Thursday. Over 30 advocacy groups sounded the alarm over the Trump administration’s gutting of federal agencies and programs. “Our families, neighbors, and communities deserve better than these untenable and unconscionable proposals,” National Low Income Housing Coalition interim president and CEO Renee Willis said in a statement. U.S. Sen. Bernie Sanders said Thursday on social media: “Wages are stagnant. Housing costs are soaring. Many young people will never be able to afford their own homes, but Trump wants to increase the bloated military budget by $150 billion. That money should go toward building affordable housing that we desperately need,” he said. “The GOP tax bill tells you everything you need to know about the Republican Party’s priorities and how unserious they are about lowering costs for working families,” Groundwork Collaborative executive director Lindsay Owens said Wednesday. “They are paving the way for more predatory landlords to jack up rent,” she added.
Source: Commondreams.org | Read full article
Ten things to know about Reps’ tax reform bills amendments
The House of Representatives on Thursday considered and adopted the reports of its committee on finance regarding the four tax reform bills transmitted to the National Assembly by President Bola Tinubu in October, 2024. The reports were considered clause-by-clause and were subsequently approved ahead of the third reading. The bills include: The Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill 2024 and the Nigeria Revenue Service Bill 2024. Here are 10 amendments adopted by the Green Chamber on Thursday. The House deleted sections 130 – 132, which made provisions relating to excise duties. It also proposed that the basis of VAT taxation will now be consumption, rather than where the returns are filed. The VAT rate was amended to retain the current 7.5 percent as opposed to the earlier proposed increase to 15 percent by 2030. Lawmakers explained that this amendment clarifies that inheritance tax is not being introduced into Nigerian tax law in any manner that is not in line with the recommendation by the Nigerian Governors’ Forum. The tax rate of companies, other than small companies, remains 30 percent.
Source: Businessday.ng | Read full article
N’Assembly advances tax reform bills amid stakeholder concerns
The bills aim to modernize Nigeria’s tax system, streamline collection processes, and adjust tax rates across various sectors. The proposed increase in the Value Added Tax (VAT) allocation to sub-national governments from 50% to 55% has sparked debates. The bills propose VAT exemptions for exports and essential goods, a reduction in corporate income tax from 30% to 25% for two years, and input VAT credit on assets and services to lower production costs.Initially, the Nigeria Governors’ Forum (NGF) and Northern Governors rejected the bills, labeling them anti-democratic. However, by January 2025, the NGF reversed its stance and recommended a revised VAT-sharing formula: 50% based on equality, 30% on derivation, and 20% on population. The Senate and the House of Representatives have pledged to incorporate concerns raised by stakeholders during recent public hearings. The bill procession is a phase. The next stage, which is the public hearing, has been concluded. “The Senate will act in the best interest of the country,” Senator Sani Musa assured.
Source: Businessday.ng | Read full article
Bill Giving Striking Workers UI Benefits Passes Senate
The state House and Senate spent the week debating and passing bills originating in their respective chamber. Floor sessions will continue through Wednesday, March 12. Some bills that did not survive last Friday’s fiscal cut-off could be resurrected if majority-party leadership determines they are “necessary to implement the budget” (NTIB). That means they affect revenue or spending in one of the three budgets—operating, capital, or transportation. It is also important to note that tax bills intended to balance the budget have not yet been introduced, so there will be later additions to our bill tracking list. There are 47 bills of interest to Washington small-business owners still alive for the year. They include HB 1382, All Payer Claims Database (APCD) and HB 1430, APRN and medical assistant “payment parity” bill. They also include HB 1788, workers’ compensation benefit increase and SB 5041, Unemployment pay for striking workers. The bills will be heard in the Senate Energy, Environment & Technology Committee.
Source: Nfib.com | Read full article
Reps pass amended knotty tax bills, retain 7.5% VAT
Nigeria has one of the world’s lowest tax-to-GDP ratios, at 10.8 per cent. President Tinubu shifted his focus to reforming the tax system to boost revenue and efficiency. The new tax system seeks to raise value-added tax (VAT) to 12.5 per cent by 2026, streamline tax collection, and overhaul revenue-sharing between federal and state governments. But the lawmakers retained VAT at 7.5%, rejecting the original proposal, and excluded minimum wage earners from income tax to ease the tax burden on lower-income earners. The House also deleted the use of the controversial word, “ecclesiastical” from one ofthe clauses and replaced it with “religious” The lawmakers further imposed stiff penalties, including a N2 million fine and a maximum three-year jail term for individuals or corporate entities found guilty of attempting to bribe or unduly influence tax officials. The lawmakers have removed provisions that have been interpreted as introducing an inheritance tax.
Source: Guardian.ng | Read full article
Want more housing? Tell Congress to fix this tax provision. – The Washington Post
Ben Bear, CEO of BuildCasa, says U.S. tax code discourages for-sale development. He says profits from the sale of single-family homes and condominiums are taxed at nearly twice the rate as those from rental homes. A simple amendment to the tax code could reclassify profits as long-term capital gains, he says. Bear: If we want to reverse the decline in homeownership, we must make it financially feasible for small businesses and start-ups such as ours to build for- sale housing. The proposed tax reform would increase builders’ profit by up to 27 percent nationwide, at a cost of $6,600 in lost tax revenue, Bear says. The share of homes built by publicly traded home builders has risen from 25 percent to 51 percent in 2023, according to a Brookings Institution report. It’s hard to estimate whether the proposed reform would lead to millions of new homes or merely hundreds of thousands.
Source: Washingtonpost.com | Read full article
Cuts, tax rises and doing nothing: Rachel Reeves’ options to tackle economic woe
Financial markets are pricing in two quarter-point interest rate cuts from the Bank of England this year. Many analysts expect a weaker economic outlook could lead Threadneedle Street to cut borrowing costs four times in 2025. But the situation could become more challenging after Trump’s inauguration on 20 January, should he take rapid action to announce sweeping import tariffs, which could in turn lead to surging inflation. One option is to raise taxes again, but businesses are already up in arms about the increase in national insurance costs after Reeves’ decision to raised taxes by £40bn in her October budget. Another option would be to commit to steep spending cuts beyond the current spending review period and spend more in the short term. The key question is whether rising gilt yields will see the UK breach its fiscal rules when the OBR publishes its updated forecasts on 26 March, alongside Reeves’ spring statement. The Office for Budget Responsibility has yet to capture the financial market data used in its forecasts and will do so closer to 26 March.
Source: Theguardian.com | Read full article
Experts differ on impact of Tinubu’s tax reform on North
The impact of the new tax reform proposed by the federal government continues to rage. Experts have stated that the impact would lead to the crippling of the economy in the northern state. The bone of contention on the Tax Bill is Section 77 that sought to make changes to the way Nigeria’s Value Added Tax is redistributed to the state. It would see a transition to a consumption-based VAT distribution model with emphasis on derivation over equality or population. A UK trained mechanical engineer and CEO of COEC Construction, who was governorship candidate of Labour Party in Kano, in the 2023 general election, said the Section 77 of the Tax Reform Bill represents a structural shift that could deepen economic inequalities between Northern and Southern Nigeria. He called on northern legislators to push for revisions to the VAT formula, ensuring population and equity remain core components, while engaging in bipartisan coalitions to demand fiscal federalism that balances derivation with national development goals. The impact on Northern states that have relied heavily on equitable VAT redistribution, risk losing up to 40 per cent of their current allocations, and thus severely affecting states like Sokoto, Gombe and Zamfara.
Source: Dailytrust.com | Read full article
Congressional Policymakers Should Tread Carefully When Weighing New Corporate SALT Deduction Limits
House Republicans are considering new limits on corporate state and local tax (C-SALT) deductions as an offset option for a broader reconciliation bill extending 2017 tax. While it would raise federal revenue, it would also reduce long-run output, burden businesses operating across multiple states, and worsen the structure of the corporate tax base. The tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority. A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates. The negative economic impact of C-Salt limits could be offset by other pro-growth tax changes. However, the limits could disproportionately impact certain corporations depending on the composition of the tax composition. For example, even accounting for property tax cuts, corporations with significant investment in property tax may see a net tax hike from disallowing property tax deductions. The Tax Foundation General Equilibrium Model, March 2025, is available at: http://www.taxfoundation.org/.
Source: Taxfoundation.org | Read full article
Global Perspectives Summary
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Cultural contexts, editorial biases, and regional relevance all contribute to these variations.
This diversity in coverage underscores the importance of consuming news from multiple sources.
Sources
- Trump-GOP Tax Bill a Gift to ‘Predatory Landlords’ That Will Worsen Already Dire Housing Crisis
- Ten things to know about Reps’ tax reform bills amendments
- N’Assembly advances tax reform bills amid stakeholder concerns
- Bill Giving Striking Workers UI Benefits Passes Senate
- Reps pass amended knotty tax bills, retain 7.5% VAT
- Want more housing? Tell Congress to fix this tax provision. – The Washington Post
- Cuts, tax rises and doing nothing: Rachel Reeves’ options to tackle economic woe
- Experts differ on impact of Tinubu’s tax reform on North
- Congressional Policymakers Should Tread Carefully When Weighing New Corporate SALT Deduction Limits
Source: https://www.aei.org/economics/house-tax-bill-would-worsen-business-tax-parity/