Links: Taxes on NFL Gambling and Tax Increases in Mexico
September 10, 2013
From the New York Times: “European Union legal advisers say in an opinion that a proposed tax on financial transactions would exceed national jurisdictions and is not compatible with E.U. treaties.” That’s good news for the free flow of capital. A small tax on individual financial transactions may seem inconsequential, but a tax on financial transactions would restrict capital from flowing to where it is needed most and damage incentives to invest.
The NFL is back. Make sure you file your gambling winnings correctly on your tax form. Yes, you need to file your gambling winnings.
This article reminds us good tax reform takes dedication to principles of sound tax policy, discussing a key player from this year’s tax reform in North Carolina. We’ve written on the North Carolina tax reform here and here.
The president of Mexico has proposed a sweeping tax overhaul that raises taxes on just about everything. It includes new taxes on “capital gains, carbon emissions and soft drinks, and increased income taxes for those making over about $39,000 a year.” The proposal would collect billions of dollars and be used to finance a new retirement pension, unemployment program, education, and infrastructure.
The Japanese prime minister is looking for options to offset its impending increase in the national sales tax. The sales tax was set to increase to 8 percent in April and up to 10 percent in 2015, but based on economic conditions the government has flexibility in when the tax will be imposed. The prime minister previously discussed a corporate tax cut to offset the increase, but those talks have cooled.
Janet Novack offers a list of ten tax lessons to consider when saving for retirement or college. A sample: 1. Tax complexity creates hidden costs. (This is certainly true with tax complexity in higher education.)