Lunch Links: Growing Nature of Marijuana Taxes; Meeting of the Minds between EU and Ireland; Out of His Role as Trump, Alec Baldwin in Some Tax Trouble
November 8, 2016
Today is November 8, the latest possible date that a U.S. election can be held under federal law, being the latest possible first Tuesday after the first Monday in November. The date is Election Day this year, as it was in 1904, 1932, 1960, and 1988.
It’s also the date in 1937 when the U.S. Supreme Court decided Bogardus v. Commissioner, which defined a “gift” for tax purposes as “detached and disinterest generosity” made “out of affection, respect…or like impulses.” Compensation termed a gift is still compensation; a gift made by someone who previously paid compensation is still a gift.
Here are some interesting links I came across:
How Clinton and Trump Would Affect Your Taxes: Use our handy calculator to find out. (Tax Foundation)
Tax-Related State Ballot Initiatives: We’re tracking ballot measures in Arizona, California, Colorado, Georgia, Illinois, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Texas, Virginia, and Washington. (Tax Foundation)
Marijuana Taxes Growing: With five states voting today on legalizing and taxing marijuana, CNN Money notes that tax revenue in Colorado and Washington grew slowly at first and then exceeded expectations. (CNN Money)
EU and Ireland to Meet: EU competition commissioner Margrethe Vestager will meet today with Irish Finance Minister Michael Noonan to talk about corporation taxation. Vestager pressed the EU case about Ireland’s tax bill to Apple. (Politico)
Tax Analysts vs. Alec Baldwin: In between playing Donald Trump on Saturday Night Live, actor Alec Baldwin has been taking to Twitter to criticize reporting by the New York Post and Paige Jones of Tax Analysts. A New York City art gallery owner claims Baldwin evaded $17,000 in New York sales taxes by having a painting shipped to his California home and then immediately sent to his New York home. Baldwin denies the allegations. (Tax Analysts)