Illinois continues to struggle with its budget. The state’s most recent stopgap budget expired on December 31, 2016. To perhaps break up the political logjam, Illinois senators of both political parties have begun...
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Lunch Links: Could Trump Have Filed a Tax Return Yesterday? Schumer Hints at Corporate Tax Cut; Internet Sales Tax Seems a Low Priority; French "Solidarity Tax" Being Reconsidered
Today is October 18, the date in 2005 when the national debt passed the $8 trillion mark. Today it stands at $19.7 trillion, or more than $60,000 per person.
Here are some interesting links I came across:
Tax Initiatives on the November Ballot: We list significant tax-related ballot initiatives that voters will be deciding next month. (Tax Foundation)
Schumer Talks Priorities: Incoming Senate Democratic leader Chuck Schumer (D-NY) sat down with CNBC’s John Harwood to discuss his legislative goals. He mentioned infrastructure spending, immigration reform, and a corporate tax cut coupled with a one-time revenue boost. (CNBC)
Sales Tax Streamliners Glum about Congressional Action: At their annual meeting in Atlanta, members of the Streamlined Sales Tax Governing Board said action on Internet sales tax seems to be a low priority for congressional leadership. States are busily enacting their own rules in the absence of federal action. (Tax Analysts)
Left Divided over Washington Carbon Tax: Voters in Washington state will decide on the November ballot whether to enact a carbon tax, but some aren’t excited because the proposal reduces other taxes on a revenue-neutral basis rather than spending them on new environmental programs. (Vox)
On the Penn Wharton Tax Model: My colleague Alan Cole explains how a new tax model reached its results finding different short-term and long-term effects of presidential tax proposals. (Tax Foundation)
France Reconsiders Air Travel Tax: France imposes a hefty “Solidarity tax” of €1 to €46 ($1.10 to $50.53 USD) on flights from their country, with the revenue used for health aid to developing countries (and a small amount to the French general budget). (The tax is in addition to airport and security taxes.) Eight other countries (Cameroon, Chile, Republic of Congo, Madagascar, Mali, Mauritius, Niger, and South Korea) followed France’s lead but no other European country has. Air France in particular argues that the tax should be reconsidered. (Euractiv)
Brownback Doesn’t Rule Out Tax Increase: In a change from his past assertions that his income tax exclusion for pass-through businesses was untouchable, Kansas Gov. Sam Brownback (R) now says he’s not ruling anything in or out to close the state’s structural budget gap. (Associated Press)
Trump Tax Return Watch: Donald Trump probably filed his 2015 tax return yesterday. Richard Rubin reminds us that Trump said on October 2 that he would release his 2015 return “as soon as they’re complete.” The six-month extension to file for taxpayers with complicated finances was yesterday. (The Wall Street Journal)
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