Recent Developments in Tax Policy and Finance

IRS funding from the Inflation Reduction Act (IRA) is driving the digitization of taxpayer services, with more tools now available online. The IRS has introduced six new features for Individual Online Accounts, a Spanish version of the Business Tax Account tool, and electronic filing options for business forms. Additionally, the IRS has reached a milestone of one million submissions through the Document Upload Tool.

In contrast, GOP Senators are pushing to cut funding for the Organization for Economic Cooperation and Development (OECD) due to their support of a global minimum tax plan. Republican Sen. Steve Daines and others argue that the OECD has overstepped its mission by brokering tax agreements for large corporations.

On a more positive note, bipartisan support is growing 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.

Looking ahead, the Senate Finance Committee will discuss tax policies for local economic development, with panelist Shay Hawkins, a former advisor on Opportunity Zones. Meanwhile, Kenya has appointed a new finance minister, John Mbadi, to lead the Treasury and advocate for proposed tax changes following recent protests.

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