Lunch Links: Bernie Sanders Urges Oregonians to Vote for Gross Receipts Tax; Oregon Tax Windfall from Legal Marijuana Sales; U.S. Supreme Court to Hear Retroactive Tax Case in Washington State
October 20, 2016
Today is October 20, the date in 1951 that the Revenue Act of 1951 was enacted, raising income, corporate, and excise tax rates temporarily to help pay for the Korean War.
Here are some interesting links I came across:
Clinton and Trump Spar in Last Debate: Other topics took the headlines but taxes and the budget did come up. Trump said he would cut taxes massively; Clinton said no one making less than $250,000 would pay more in taxes and that she would not increase the debt one penny. Compare the Clinton and Trump tax plans here. (Tax Foundation)
McMullin Tax Plan: Independent presidential candidate Evan McMullin may win Utah, based on recent polling. His tax plan includes a 25 percent business tax rate and lower income taxes for the middle class, with lower rates for top-earners once the economy grows “at an acceptable rate.” (The Wall Street Journal)
U.S. Supreme Court to Consider Retroactivity Case Next Month: On November 4, the Court will decide whether to hear an appeal from Dot Foods, which was ordered by the Washington Department of Revenue to pay back taxes after it decided to apply a new 2010 tax law retroactively 27 years back to 1983. The Washington Supreme Court held that “there is no absolute temporal limit on retroactivity.” (State Tax Notes / Findlaw)
Sanders Endorses Oregon Measure 97: Saying the revenue is needed to provide important services, Bernie Sanders urged Oregonians to vote for the gross receipts tax. My colleague John Buhl reminds us that the tax would largely act as a consumption tax and raise prices on Oregon consumers like a sales tax. (Twitter)
Oregon Brings in $40 Million in Marijuana Taxes: The first nine months of legal marijuana sales has brought Oregon $40.2 million in new tax revenue. (KATU-TV)
Marriott Gets $62 Million in Incentives to Stay Put: The hotel company’s headquarters will move five miles from an office park in suburban Montgomery County to a location in downtown Bethesda, Md., after being offered $44 million in state and local grants and $18 million in mostly county tax benefits. The $62 million is on top of $43 million in incentives Marriott began receiving in 1999 in return for a promise to add 700 jobs, but most of those jobs never materialized. D.C. and Virginia didn’t try to lure the company as they expected it would remain in Maryland. (The Washington Post)
Sorry for Being Repellant: The digital culture critic at The Washington Post is surprised that “Tax Foundation” trended on social media in September, saying our name is “a phrase almost guaranteed to repel mainstream interest.” Taxes are a popular topic! (The Washington Post)
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