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: Republican VP Candidate Pence Releases Tax R...
Lunch Links: Republican VP Candidate Pence Releases Tax Returns; Germany's Finance Minister Calls for European Tax Cuts; Philadelphia Downgraded by Moody's for Perilously Low Cash Fund Balances
Today is September 12, the date in 1848 when Switzerland was reorganized from a loose confederation into a federal state, following a month-long civil war. The new central government would have some key powers but cantons would preserve most local decision-making and the legislature was divided (similar to the U.S.) into an upper house, with each canton having equal representation, and a lower house, elected by the people as a whole. On taxes, Swiss cantons can set their tax rates and establish new taxes, but bases of existing taxes are harmonized. All taxes are subject to popular referendum.
Here are some interesting links I came across:
Pence Releases Tax Returns: The Republican vice-presidential nominee earned his governor’s salary, a federal pension from his time in Congress, but lost a small amount on his wife’s painting business. They deducted student loan interest, $8,923 in charitable contributions, and received education tax credits for their children in college. (The Wall Street Journal)
French EU Tax Head Defends Apple Decision: European Tax Commissioner Pierre Moscovici defended the European Commission’s decision to order Apple to pay €13 billion ($14.6 billion USD) to Ireland, saying it was neither arbitrary nor “anti-U.S.” (Bloomberg BNA)
Germany’s Schäuble Says Common Corporate Tax Base in EU a Good Idea: Germany’s finance minister applauds the European Commission’s work to create a common consolidated corporate tax base in Europe. (Reuters)
Germany’s Schäuble Calls for Tax Cuts: Not sure how to square this with the above, but Schäuble also wants a €15 billion ($16.8 billion USD) tax cut. (Euractiv)
Philadelphia Living Paycheck to Paycheck: Cities ought to have cash on hand of between 6 and 8 percent of its budget, if not more. Philadelphia, however, has a fund balance of about $100 million out of its $4 billion budget, or about 2.5 percent, and set to fall to 1 percent in 2018. Moody’s downgraded the city last week, in part due to low fund balances. (BillyPenn)
The Washington Post Endorses Carbon Tax: The editorial board says the tax could replace the gasoline tax and avoid aggressive regulations. (The Washington Post)
Why Taxing Fairly Means Not Taxing Inheritances: Harvard economics professor N. Gregory Mankiw wrote a piece arguing the estate tax punishes frugality and rewards profligacy. (The New York Times)
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