Ohio Attorney General Continues Court Fight Over American Rescue Plan Taxing Provision

Dave Yost

Ohio Attorney General Dave Yost says Congress crossed a line and U.S. Treasury Secretary Janet Yellen struggles to explain whether states retain authority to set their own tax codes if they accept money from the recently passed American Rescue Plan.

Yost responded Thursday with a motion in support of his lawsuit for a temporary restraining order to stop the federal government’s tax mandate in the ARP. Yost believes the mandate holds states hostage and takes away Ohio’s control of its tax structure and economic policy.

“Congress crosses the line separating permissible encouragement from impermissible,” Yost’s latest motion reads. “Ohio stands to receive $5.5 billion. In the pandemic-caused economic crisis, Ohio cannot realistically turn that down.”

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Georgia AG Carr Joins 20 Other AGs Who Fear American Rescue Plan Could Hijack State Tax Policy

Georgia Attorney General Chris Carr is among 21 state attorneys general calling on the U.S. Department of Treasury to secure states’ rights to implement tax policies under the American Rescue Plan Act.

The attorneys general sent a letter this week to Treasury Secretary Janet Yellen, asking her to confirm that provisions in the act do not attempt to strip states of their sovereign authority. They argue language in the act is too broad and could be interpreted as a blanket policy.

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Biden Selects Former Federal Reserve Chairwoman Janet Yellen for Treasury Secretary, Would Be First Woman to Hold Position: Report

President-elect Joe Biden is expected to name former Federal Reserve Chairwoman Janet Yellen for secretary of the Department of the Treasury, The Wall Street Journal first reported Monday.

Yellen, 74, who was the first woman to serve as Federal Reserve chair after she was confirmed by the Senate in 2014, would be the first woman to head the Treasury Department, according to CNBC. Yellen is widely considered to be a “safe” pick with a high likelihood of confirmation by a closely divided Senate.

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President Trump Will Decide Fed Chair in Two or Three Weeks

President Donald Trump indicated Friday he would select his nominee to be the next Federal Reserve chair within weeks, after meeting potential candidates. Trump said he would decide who chairs the US central bank, after interviewing Kevin Warsh, Jerome Powell and two other candidates. “I’ve had four meetings” Trump said…

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