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TaxBuzz Top 5 - TN Town Issues Public Apology for Considering 400% Tax Hike, CBO Concerned About "Big Beautiful Bill" & More

by
Rebekah Barton
on
6/13/2025
TaxBuzz Top 5 - TN Town Issues Public Apology for Considering 400% Tax Hike, CBO Concerned About "Big Beautiful Bill" & More

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. GOP “Big Beautiful Bill” Would Transfer ~$1,600 from Poor to $12,000 to Wealthy, While Cutting Medicaid & SNAP

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Credit: Antenna/Getty Images

A new Congressional Budget Office (CBO) analysis shows the House‑passed “One Big Beautiful Bill Act” would significantly skew benefits toward higher‑income households. The poorest 10% would lose roughly $1,600 annually—about a 4% income drop—due to steep cuts in Medicaid and SNAP, paired with stricter work requirements. In contrast, the top 10% of earners stand to gain approximately $12,000 per year thanks to extended tax cuts, expanded SALT deductions, and other temporary incentives. The AP reports that middle-income families would get a more modest increase, between $500 and $1,000 per annum.

The CBO also flagged the package’s heavy toll on healthcare: Medicaid reductions—coupled with cuts to ACA subsidies—could result in 10.9 million more uninsured Americans by 2034. Furthermore, these proposed Medicaid cuts could severely hit rural hospitals, forcing service reductions or closures in underserved communities.

Proponents, including Treasury Secretary Scott Bessent, argue that tax relief is essential to spur growth and stymie economic decline. Critics counter that the act amounts to a wholesale transfer of resources upward and inflicts heavy collateral damage on low-income Americans and communities dependent on federal assistance. The Senate is under pressure to revise the measure before the looming July 4 deadline.

2. Wisconsin Republicans Back $1.3 B Widespread Tax Cut Plan for 1.6 M Residents

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Credit: Henryk Sadura/Getty Images

Wisconsin’s Joint Finance Committee has advanced a major tax reduction package that would impact approximately 1.6 million state residents, part of a broader push by GOP lawmakers to use the state’s sizable budget surplus for tax relief. Key elements include:

  • Expanding the second income tax bracket: Currently, single filers earning $14,320–$28,640 would see that bracket extended up to $50,480, and married filers from $19,090–$38,190 would similarly gain more bracket space—resulting in lower tax bills for middle-income earners. 
  • Accelerated refund timelines: The plan would kick in earlier, delivering average income tax savings around $573 per filer, roughly a 15% decrease, per Wisconisn.gov. 
  • Retiree relief: Residents aged 67 and older would see the first $24,000 in retirement income exempted from state taxes, although only in-state income would qualify for part-time retirees. 

Supporters argue the strategy capitalizes on Wisconsin’s more-than-$4 billion surplus to provide meaningful savings for hardworking families. However, concerns persist about the durability of funding for education, healthcare, and infrastructure if tax cuts rapidly deplete reserves. Governors and Democrats push for more targeted aid—favoring child care, K‑12 schools, and local services—over broad-based tax relief. 

3. Guernsey Election Roadshow Reveals Divisions Over GST, Income Tax, and Electoral Reform

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At the BBC’s third Guernsey election roadshow, taxation and fiscal responsibility dominated discussions as candidates and voters grappled with how to fix the island’s public finances. The event, held in Forest, spotlighted the controversial introduction of a 5% goods and services tax (GST) passed by the States last year. Though accompanied by a lower income tax rate for those earning under £30,000 and changes to social security contributions, the GST remains deeply unpopular among many islanders.

Former UK Business Minister Lord Digby Jones and outgoing Deputy Andy Taylor both emphasized the urgency of implementing GST to avoid a financial collapse, with Jones calling it a “must” to “big time sort out the dosh.” Others, like shopper Gill Freeman, argued instead for raising income taxes, criticizing GST as disproportionately harming the lowest-paid.

Some voters suggested corporate tax reform and offshore wind development as alternative revenue sources. Deputy Bob Murray, who is exiting government, warned that candidates aren’t grasping the scale of the fiscal crisis.

Beyond finances, the event also highlighted dissatisfaction with island-wide voting, with calls to return to the parish-based system. Former Deputy Gloria Dudley-Owen added population and housing concerns to the mix, criticizing high net migration and a lack of focus on local residents’ needs.

4. Mt. Juliet Weighs 400% Property Tax Hike; Commissioner Issues Public Apology

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Credit: Hoptocopter/Getty Images

The city of Mt. Juliet, TN, is considering a dramatic 400% increase in property taxes, raising the rate from 11 to 44 cents per $100 of assessed value—primarily to shore up funding for emergency services amid slowing sales tax revenues. If approved, the proposal would cost a homeowner with a $400,000 property an extra $330 annually, increasing their tax bill from $110 to $440.

Commissioner Scott Hefner, who opposed the substantial hike, publicly apologized for not advocating more moderate annual increases when the budget first permitted. He expressed regret, stating it was his responsibility: “I owe the citizens an apology… for not catching that three years ago… and not pushing for it last year." Hefner plans to request the formation of an independent committee to review the city’s finances and explore alternative solutions.

Reactions among residents are mixed. Some are alarmed by the steep increase—comparing Mt. Juliet to pricier Nashville—while others view it as an inevitable consequence of rapid growth and rising infrastructure demands. Commissioner Jennifer Milele pointed out the city has relied heavily on sales tax revenues for years, which are now declining, necessitating greater reliance on property taxes.

The measure is now pending a second vote later this month. Opposition is calling for phased-in increases or more transparent financial planning to avoid similarly abrupt hikes in the future. A YouTube video regarding the issue can be found here.

5. NYPD Chief John Chell Admits to Using False Identity to Evade Taxes on Referee Earnings

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Credit: GCShutter/Getty Images

NYPD Chief of Department John Chell—New York’s highest-ranking uniformed officer—has been revealed to have used a false identity when filing income taxes on his secondary job as a basketball referee between 1997 and 2003, according to disciplinary documents released June 12 by The City. The Internal Revenue Service flagged the case, prompting an NYPD inquiry in which Chell pleaded guilty to misconduct, acknowledging he "willfully attempted to evade or defeat a federal tax." He received a 10‑day vacation day docking in 2013 under departmental sanctions.

The records indicate Chell filed under the names of family members—a tactic noted in internal probes—and was also disciplined in a separate incident involving misrepresentation of an accident where officers struck a pedestrian. Over his 31‑year career, he has faced 11 internal probes.

Reddit users responded sharply to the report, with one commenting:

“ The attempted tax dodge was reported… Chell pleaded guilty… was docked 10 vacation days. ”

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Earlier in his tenure, Chell has drawn criticism for public remarks on social media targeting politicians and judges—and for his involvement in a fatal 2008 police shooting in Brooklyn that resulted in a $1.5 million civil settlement. Despite these controversies, Mayor Eric Adams retained confidence in Chell as NYPD leadership.

This revelation raises fresh questions over accountability and credibility at the top of the department. Some NYC Council members are now calling on Mayor Adams to take disciplinary action.

Which headline this week most interests you?

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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