The Tax Policy Blog

October 10, 2016

About halfway through Sunday night’s presidential debate, the conversation turned to taxes, and specifically to the topic of candidate Donald Trump’s tax returns. Following revelations that Trump claimed more than $900 million in business losses in 1995, debate moderator Anderson Cooper wanted to know if Trump had used those losses to lower his tax bill.

COOPER: Did you...

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October 07, 2016

Voters in Missouri will be asked to make an important choice in November: Should the sales tax apply to services? Dubbed the “Taxpayer Protection Amendment,” Amendment 4, pushed by the Missouri Association of Realtors, would prohibit adding any “service or transaction” to the state or local sales tax base if it was not taxed as of January 1, 2015. If proponents of Amendment 4 get their way, the Missouri legislature and governor would not be able to add any new service to the sales tax base...

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October 07, 2016

Today is October 7, the date in 1765 when the Stamp Act Congress gathered in New York City to develop a unified response to the British Stamp Act, going into effect on November 1. It was the first-ever gathering of elected representatives from the various American colonies, and it produced a petition to the King and Parliament asking that the act be repealed. Parliament considered the Stamp Act Congress to be illegal and ignored...

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October 06, 2016

Today is October 6, the day in 1723 when a 17-year-old Benjamin Franklin (“In this world nothing can be said to be certain except death and taxes”) ran away from his Boston home and moved to Philadelphia.

Here are some interesting links I came across:

International Tax Competitiveness Index: Estonia, New Zealand, Latvia, Switzerland, and Sweden top our annual report...

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October 05, 2016

Today is October 5, which is apparently National Do Something Nice Day. So pay it forward today!

Here are some interesting links I came across:

VP Debate on Taxes: Gov. Mike Pence briefly explained net operating losses while Sen. Tim Kaine brought up Trump’s tax returns several times Tuesday night. Eric Trump,...

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October 04, 2016

Vancouver, as well as many other large metropolitan centers, has been facing a well-documented housing crisis. Recently, Canada announced new rules concerning foreign ownership of real estate as one of many attempts to fix this problem using the tax code.

The rules include a move to tighten the restrictions surrounding the Canadian...

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October 04, 2016

Today is October 4, the date in 1877 when the Bureau of Engraving and Printing printed its first federal tax stamps. The federal government had previously contracted with various private vendors but a bill passed earlier that year made the BEP the exclusive printer of federal tax stamps, so long as the costs were below private vendors. The BEP still does so today, although its main job is...

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October 03, 2016
Today is October 3, the anniversary of the passage of the Underwood Tariff Act of 1913, which imposed the federal income tax that is still with us today. Democrats, in control of both houses of Congress and now with President Wilson in the Oval Office, pressed for a significant reduction in tariffs. The federal income tax was intended to make up the revenue gap. The top rate was set at 6 percent.
 
Here...
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October 02, 2016

The New York Times reports that it has obtained pages from Trump’s 1995 state tax returns. The Times reported late Saturday night that it had received an envelope containing the first pages of Trump’s alleged 1995 state tax returns in New York, New Jersey, and Connecticut. The documents...

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September 30, 2016

Today is September 30, the date in 2008 when the national debt passed the $10 trillion mark. Today it stands at $19.5 trillion.

Here are some interesting links I came across:

California LAO Reviews Film Tax Credit Program: While careful to note that the state can justify the program as a defensive measure against other states’ programs, ...

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September 30, 2016

The tax world lost a good friend yesterday with the passing of Jim Lyons. For the past eight years, Jim was a senior Republican staffer on the Senate Finance Committee. He was extremely well liked and respected by people on both sides of the political aisle.

Jim, 43, joined the committee in 2008 when Senator Chuck Grassley was chairman. Shortly after Jim suffered a heart attack during a recent charity basketball game, current Committee Chairman Orrin Hatch said in a statement that...

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September 29, 2016

California’s state Legislative Analyst's Office (LAO) is out today with a comprehensive review of the impact of the state’s film tax credit program. Their report reviews the program as it existed from 2009 to 2014, before a change that year both boosted the amount of credits awarded (from $100 million per year to $330 million per year) and changed the award process. All told, the state awarded $800 million in credits under the...

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September 29, 2016

Today is September 29, the date in 1789 when the first session of Congress adjourned after a 209-day session that included establishing the Departments of State, War, and Treasury; passing the Judiciary Act; and imposing a revenue tariff. Congress did not meet again until January 1790.

Here are some interesting links I came across:

Initial coverage of our just-released ...

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September 28, 2016

Today is September 28, the anniversary of the Norman invasion of England in 1066. After becoming king, William the Conqueror continued the existing land tax (“danegeld”) and commissioned the Domesday Book in 1085 to survey land values across the kingdom for tax purposes.

Here are...

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September 28, 2016

Today, we are very excited to release our annual State Business Tax Climate Index, now in its 13th edition. Our Index gives taxpayers, the media, and policymakers a barometer to judge state tax systems against the rest of the country, while providing a roadmap to reform their tax codes to a simpler, more neutral, more transparent system.

...

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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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