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new tax legislationThe Hill
•74% Informative
Supreme Court passed the ball back to Congress on the question of a wealth tax in its decision on Moore v. U.S. last week .
The decision carefully avoided the most wide-ranging questions on taxation raised by the case and kept the overall structure of the tax system intact.
But it also kept the door open to a potential — and politically controversial — tax on net worth, as Congress prepares for a battle over new tax legislation.
The IRS has been in touch with Congress about their legislative priorities while managing realities on the ground.
A stalled tax deal in the Senate that would include business credits and an expansion of the child tax credit would be paid for by a cancellation of the employee retention credit ( ERC ) The ERC has been giving the IRS problems due to a flood of bogus claims.
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