Lunch Links: Brexit Tax Implications; House Passes IRS Nonprofit Donor List Ban; Senate May Take Up RTPA
June 15, 2016
Today is June 15, the 801st anniversary of Magna Carta. Among the other principles advanced—albeit in their infancy—in the Great Charter were the precept of taxation only with the consent of the governed, and that taxation must be neither ruinous nor arbitrary. More about the Magna Carta and principles of taxation here.
A few links coming across the transom, and one from across the pond:
- U.K. Chancellor Warns of Tax Toll of “Brexit”: The decision won’t be hashed out under a yew tree, but when voters go to the polls to decide the United Kingdom’s continued involvement in the European Union, they might want to keep their tax burdens in mind, according to Chancellor George Osborne, who states that companies leaving Britain will create a budget gap that will require tax hikes to close. (Bloomberg)
- Tax Bills Loom in LinkedIn Deal: Microsoft wanted to connect with Reid Hoffman, but now the LinkedIn founder—and other key shareholders—have a lot of tax planning to do. Here’s a rundown of what they can expect. Mr. Hoffman probably already has an accountant, but if not, perhaps he knows of a professional social network to help him decide. (Forbes)
- Senate May Take Up Remote Transactions Parity Act: Sen. Heidi Heitkamp (D-ND), who was North Dakota’s tax commissioner at the time of the Quill decision, has stated that if the House does not move on Rep. Jason Chaffetz (R-UT)’s Remote Transaction Parity Act, the Senate is likely to take up his language in lieu of the Senate’s own Marketplace Fairness Act, as Congress continues to grapple with the remote sales tax issue. (State Tax Notes)
- Louisiana Moves Forward with Sales Tax Revisions: Following hasty sales tax changes adopted in response to a looming budget crisis, Louisiana legislators are returning to the issue to reexempt from taxation a range of transactions—like “transplant organs, homeless shelters, food donations, school lunches and nonprofit art performances”—that wound up in the base unbeknownst to most members. The Senate had previously declined to act until the House moved on other tax issues, but the revisions now appear to be moving forward independently. (Times-Picayune)
- Houses Passes IRS Nonprofit Donor List Ban: The U.S. House of Representatives has voted to ban the IRS’ nonprofit donor list requirement as part of the continuing fallout over perceived targeting of conservative 501(c) organizations. Should the measure pass the Senate, it is likely to meet with a presidential veto. (The Wall Street Journal)
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