Is the actions of the Treasury unconstitutional after reaching a debt limit? The National Association of Government Employees filed a Lawsuit Against Treasury Secretary Yellen and President Biden. If Secretary Yellen meets the debt limit once she becomes binding (as soon as June 1), she would have to choose which federal obligations she pays. But the lawsuit argues that, under the Constitution, the president and the Treasury secretary do not have the authority to choose, since the Constitution gives spending power to Congress.

Stay tuned for a new tax cut proposal from Wisconsin Republican lawmakers. Assembly Speaker Robin Vos says his caucus you probably have a plan to cut taxes in the next state budget at the end of May. He said he was interested in a single tax but he didn’t trust other legislators to support it.

Are Marijuana Companies Paying Too Much in Federal Taxes? Industry research firm Whitney Economics published a Analysis Finding Marijuana Companies Overpay more than $1.8 billion in federal taxes in 2022 and anticipates an overpayment of $2.1 billion in 2023. The overpayments, the firm says, are due to Section 280E of the Internal Revenue Code. The section prevents businesses deemed to be traffickers of Schedule 1 and Schedule 2 controlled substances from deducting business expenses in the same way as other businesses. As a result, marijuana businesses are taxed on gross receipts, not net receipts.

After Western sanctions, Russia raised taxes on its oil and gas companies. Almost half of Russia’s budget depends on tax revenue from the oil and gas industry. Sanctions imposed after Russia’s invasion of Ukraine have hit those tax revenues, prompting Russia to change the starting point of its tax rate on international benchmark Brent crude instead of the price of Urals, a lower Russian crude. cheap. As a result, Russia earned about $8 billion in revenue, but the move is “definitely destructive for their industry,” an official told the financial times.

For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Register here to receive it in your inbox on weekdays at 8:00 am (only on Mondays when Congress is in recess). We welcome suggestions for new research or other news. Email Renu Zaretsky at [email protected].

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