Links: Lap Dance Taxes and Tax Reform Options
July 9, 2013
Philadelphia is attempting to institute a tax on lap dances, which the city says falls under their 5 percent amusement tax. The city completed an audit for the last five years and gave two clubs a tax bill in the mid six-figures. In case you were wondering, it’s not the first time attempt charge this type of pole tax.
Denver’s mayor recommends that the city tax marijuana at 5 percent with the option to increase the tax up to 10 percent. Combined with other state and local taxes, some projections have marijuana taxes going as high as 25 percent. One Denver council members says the revenue will go to pay for the new legal infrastructure in relation to the legalization of marijuana. We’ve previously discussed marijuana taxes here.
Warren Buffet’s $2.6 billion donation in stocks to the Bill and Melinda Gates Foundation should result in a nice tax deduction.
Chairman Camp and Chairman Baucus kicked off their tax reform roadshow with 3M in Minnesota. They will be back and forth between Washington DC and the road through August as they build support for tax reform and search for common ground on the details. Chairman Camp hopes to get the rate down to 25 percent, but Chairman Baucus is not sure it is doable.
In the spirit of tax reform, some have suggested the municipal bonds exemption be on the chopping block. It looks like that proposal has an uphill climb. But we’ve previously written about why removing this exemption is a good idea.
Another provision under inspection in the tax reform debate could be the health care exemption.
Larry Summers thinks he has a solution to corporate tax reform.