The Tax Policy Blog

November 22, 2016

Tax policy proposals can be the product of years of deliberation; other times, they crop up overnight. To be effective in our mission, we at the Tax Foundation have to remain vigilant through the months and even years of hearings and debate, while remaining nimble enough to spring into action when important issues arise.

That’s what happened in Illinois earlier this year. A bill was proposed to add three brackets to the Prairie State’s income tax and impose a top marginal rate of 11....

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November 18, 2016

“Like most other lefties, I bought [Thomas Piketty's Capital in the Twenty-First Century], but haven’t read it all,” Portland City Commissioner Steve Novick told The Huffington Post. The book does make an appearance, though, in the first two findings of a Portland ordinance Novick drafted, which would penalize companies with high CEO compensation.

The ordinance,...

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November 17, 2016

Today is November 17, the date in 1800 when the U.S. Congress first met in Washington, D.C.

Here are some interesting links I came across:

California Democrats Regain Assembly Supermajority: If Assembly Democrats stick together, they’ll no longer need the support of Republican members...

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November 17, 2016

India’s national government plans to implement a common Goods and Service Tax (GST) in April of 2017 in an attempt to harmonize the patchwork of indirect taxes levied by individual states. The GST counsel recently issued preliminary guidelines for the common GST, specifying rates and exemption for goods and services. The guidelines suggest a four-tiered rate structure of 5, 12, 18, and 28 percent along with exempt goods and services. Although economists argue the common GST is an...

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November 16, 2016

This has been an eventful year on federal tax issues at the Tax Foundation. From covering the presidential candidates’ tax plans to putting together some great resources to further the tax debate, we at the Tax Foundation are excited about the...

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November 16, 2016

The failure of Washington’s Initiative 732 wasn’t a surprise, as the carbon tax proposal created rifts in the usual alliances for such a proposal due to its revenue neutrality (with a possible revenue loss in the short term). Many proponents of carbon taxation favor such a tax as a source of new revenue, either...

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November 16, 2016

Today is November 16, the date in 2011 when the national debt passed the $15 trillion mark. Today it stands at $19.8 trillion.

Here are some interesting links I came across:

Reconciliation Repeated Around Town: D.C. folks are studying up on the...

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November 15, 2016

Today is November 15, the date in 1777 when the Articles of Confederation were approved by the Second Continental Congress and sent to the states for ratification. The Articles governed the United States from 1781 until 1788, when they were replaced by the U.S. Constitution. One major reason for the replacement was taxes:...

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November 14, 2016

Two years ago, Virginia officials posed for photographs with representatives of Lindenburg Industry, a Chinese-owned company with an ambitious plan to invest $113 million and employ 349 workers at an idled manufacturing plant in the town of Appomattox. The Virginia Economic Development Partnership (VEDP) boasted that...

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November 14, 2016

Today is November 14, the date in 1960 when the U.S. Supreme Court decided Knetsch v. United States, ruling that a tax deduction can be denied despite being technically legal if it involves a sham transaction lacking any economic substance.

In 1953, Karl Knetsch borrowed $4 million from an insurance company at a 3.5 percent rate to purchase the same company’s bonds that were paying a 2.5 percent rate...

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November 14, 2016

The implications of the presidential and congressional results are getting the most attention, but we’re tracking how the election changed the state landscape as well.

On ballot initiatives we have a full listing of results here, but these are the highlights:

  • Voters rejected experimental tax...
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November 10, 2016

Today is November 10, the date in 1958 when Harry Winston donated the Hope Diamond to the Smithsonian Institution. Winston sent it by U.S. registered mail, paying $2.44 for postage and $145.29 for insurance. The diamond is valued today at $200 million. Winston wanted to sell the diamond to the Smithsonian but donated it after the parties worked with a tax lawyer to figure out how he could...

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November 09, 2016

Today, the natural question for those of us in the tax world is, “What does the election mean for tax policy in general, and tax reform in particular?”

The answer is somewhat mixed. To be sure, Republicans generally have supported lower taxes and the idea of tax reform, but they are not currently unified behind any particular plan or approach. In fact, there are meaningful differences among the policies being considered in the House and the Senate versus the tax plan proposed by...

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November 08, 2016

After the campaign season that seemed to last forever, it all comes down to this. Tonight, we’ll all be anxiously awaiting the results on Colorado Amendment 69.

Okay, maybe that’s not the biggest draw today. Perhaps that honor belongs to Oregon Measure 97, or Maine Question 2, or Louisiana Amendment 3, or California Proposition 55. But just on the off chance that these aren’t the headlines on the election coverage you’re following, here’s a quick guide to some of the major tax-...

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November 08, 2016

2016 has been a busy year for state tax issues at the Tax Foundation. If you’ve been following our blog, you know that Joe, Nicole, Jared, Morgan, and I have been covering all the major state tax proposals considered this year, and that whenever possible, we get in planes, trains, and automobiles to bring our expertise directly to the states we are working in.

This year already, we’ve testified or presented to officials in 34 states and the District of Columbia, sometimes at just a...

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Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

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