Recent Developments in Tax Policy and Funding

The digitization of the IRS is accelerating thanks to IRA funding, providing taxpayers with more online services and tools. The improvements include new features for Individual Online Accounts, a Spanish version of the Business Tax Account tool, and the ability to file amended business forms electronically. The IRS has also reached a milestone of one million submissions through the Document Upload Tool.

In contrast, GOP Senators are pushing to slash funding for the OECD due to their global minimum tax plan. Republican Sen. Steve Daines and others argue that the OECD has strayed from its mission by brokering a tax plan for large corporations, including a 15 percent global minimum tax.

On a more positive note, there is bipartisan support for the Strengthening State and Tribal Child Support Enforcement Act, which would give tribal communities access to tax information for collecting past-due child support.

Next week on Capitol Hill, the Senate Finance Committee will hold a hearing on tax policies for local economic development, with panelists including Shay Hawkins, a former advisor who helped develop Opportunity Zone provisions.

In Kenya, after tax protests, President William Ruto has appointed John Mbadi as the new finance minister. Mbadi, an accountant and member of the opposition party, will lead the Treasury and advocate for proposed tax changes.

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