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: Hillary Clinton Proposes Expanded Child Tax ...
Lunch Links: Hillary Clinton Proposes Expanded Child Tax Credit and How She'll Pay for It; Buffett Rebuts Assertions about His Taxes Made by Trump; Still No Pledge from Trump Not to Raise Taxes
Today is October 11, the date in 1311 when a series of Ordinances were published after their approval by English lords sitting as a Parliament and King Edward II. The ordinances limited royal authority over appointments, taxation, and spending; one notable regulation was that royal revenue go to the exchequer rather than directly to the royal household. The ordinances were repealed in 1322 and never reissued but set a precedent that a gathering of officials in Parliament could check the authority of the King.
Here are some interesting links I came across:
Hillary Clinton Unveils Doubled Child Tax Credit: Late last night, the Huffington Post broke the news about Clinton’s new policy proposal, which is being unveiled today. The plan (for children up to 5) would double the credit to $2,000 and lower the income threshold from $3,000 to the first dollar of earnings. (Huffington Post / Twitter)
Hillary Clinton Targets the Very Top: Meanwhile, the top income-earners will pay for most of Clinton’s proposals. Richard Rubin details the $1.9 trillion in tax increases, including a higher estate tax, a higher top income tax rate, and a 30 percent minimum tax rate. (The Wall Street Journal)
Detail on Depreciation: Asked about the $916 million reported loss on his tax return, Donald Trump in Sunday’s debate said “a lot of” it was depreciation, adding, “I love depreciation.” My colleague Scott Greenberg explains what depreciation is and why it’s in the tax code. (Short answer: it’s how companies are taxed on their net worth, as opposed to their cash flow.)
Buffett Counters Trump with Tax Data: Billionaire Warren Buffett responded to Trump’s debate claim that he (Buffett) took massive tax deductions by releasing a statement about his 2015 tax return. Buffett said he earned $11,563,931 in income and deducted $5,477,694, of which two-thirds were charitable contributions and most of the rest were state income tax payments. Buffett said he paid $1,845,557 in federal income tax, and has paid federal income tax every year since 1944. (The New York Times)
No Pledge from Trump: Americans for Tax Reform (ATR) president Grover Norquist says Trump has not signed the ATR pledge not to raise taxes. (CNN)
Nevada Begins Special Session on Hotel Tax for Stadium: Nevada legislators started a special session yesterday to decide whether to raise Las Vegas hotel taxes by 1.38 percentage points to pay for an NFL-ready stadium and an expanded convention center. Legislators applauded testifying proponents, who got three hours to make their case. Opponents got a later time slot and legislators who applauded them were chastised. A separate proposal under consideration would raise the Clark County sales tax by 0.1 percentage points for police. (Las Vegas Sun / Las Vegas Review-Journal)
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