Links: Russian Tax Havens and Taxing Hybrid Cars
June 11, 2013
Commentary from The Hill reminds us that the time for corporate tax reform is now. The U.S. needs to modernize its code to keep American companies competitive and productive at home and abroad.
States that miss out on the revenue from the gas tax for hybrid cars hope to recoup that cost by taxing hybrid and electric cars. Generally, gas taxes provide a rough estimate of miles driven and, subsequently, wear and tear on the road. But for obvious reason that doesn’t work for hybrid and electric cars. Perhaps using tolls instead of taxes to finance roads is worth further study.
A Russian plan to create a tax haven zone within the country has cooled lately. Russian officials face a July 1st deadline to return all their money invested in offshore accounts to Russia or lose their official posts. The proposal, first suggested by the Prime and Deputy Ministers, would give the officials in country option to receive similar tax treatment as they would in Cyprus.
Relatedly, Switzerland’s upper-house in parliament will vote tomorrow on a measure to allow U.S. authorities access to banking information regarding Americans holding their money in Swiss bank accounts.
The Senate voted today to take the next steps in a rewrite of the immigration laws. The process will most likely play out over the next month as senators debate the legislation and offer potential amendments, some of which have already received some coverage.