Lunch Links: Clinton Backs Standard Deduction for Small Business; Oregon Raises Estimates on Revenue from Marijuana Taxes; Corporate Tax Cut in Chad Leaves U.S. Rate Third Highest Overall in the World
August 23, 2016
Today is August 23, the date in 1775 when King George III declared the American colonies to be in rebellion, rejecting the Olive Branch Petition proffered by American moderates. The Proclamation of Rebellion led directly to the Second Continental Congress’s decision to adopt a Declaration of Independence, listing charges against the King which included oppressive and illegal taxes.
Here are some interesting links I came across:
Corporate Tax Rates Around the World: With Chad cutting its corporate tax rate from 40 percent to 35 percent, the U.S. corporate tax rate (combined federal and state) of 38.92 percent now stands at third highest in the world overall and highest in the industrialized world. The average corporate rate among 188 countries is 22.5 percent; weighted by GDP, it’s 29.5 percent; of the 35 OECD industrialized nations, it’s 31.39 percent; of the G7 nations, it’s 30.21 percent. (Tax Foundation)
Clinton Proposes Business Standard Deduction: Individuals without a lot of deductions or who don’t want to keep track of all their receipts can just take a standard deduction. Hillary Clinton will today propose offering a business standard deduction, although it would be limited to small businesses. She would also expand an employer-provided health insurance credit created by the Affordable Care Act. (Wall Street Journal)
States Performing Well Economically: Governing combines state employment rates, GDP growth, and income per capita growth to rank the states from economically strongest to weakest. Strong states include Massachusetts, Oregon, Delaware, Colorado, California, Tennessee, New Hampshire, Utah, Virginia, Maryland, and North Carolina; weak states include West Virginia, Alaska, Wyoming, New Mexico, Louisiana, Mississippi, Oklahoma, Alabama, Connecticut, Arizona, North Dakota, and Pennsylvania. (Governing)
State Public Employee Morale, Not So Much: Governing suggests that state and local governments consider shedding “rule-bound inflexibility” and follow the private sector’s practice of more participative management and employee empowerment. (Governing)
Orange County to Issue Bonds: Orange County, California is preparing to re-enter the municipal bond market for the first time since its 1990 bankruptcy. That’s a long time and maybe not long enough, depending on how you look at it. Columnist Justin Marlowe, public finance professor at the University of Washington, calculates that past investment performance accounts for about 10 percent of current investor perception. (Governing)
Oregon Collects $25 Million from Marijuana Taxes: Oregon is still working on licensing recreational marijuana stores, but for now it can be sold by existing medical marijuana dispensaries. The 25 percent tax on those sales brought in $25.5 million from January through July. The state revised its marijuana revenue estimate through next year from $8.4 million to $35 million. (Associated Press)
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