Lunch Links: House Tax Plan; Marijuana in Massachusetts; and yes Brexit

June 24, 2016

Today is June 24, the date of the UK’s enactment of the Iron Act 1750, which repealed taxes on British exports of finished goods to America, and on American raw material exports to Britain. Because other trade taxes remained, its purpose was to focus American trading with Britain and discourage American manufacturing. The law wasn’t repealed until 1867, long after it was made obsolete by intervening events.

Here are some interesting links I came across:

  • Brexit: UK votes 52-48 to leave the European Union; UK will want to move slowly but EU will want to move fast; PM Cameron submits resignation, to leave in October; Scotland prepares a new independence referendum; the pound and the euro drop on international markets; Trump, in Scotland by happenstance, cheers the result. (BBC)
  • House Republicans Unveil Tax Reform Plan: Unveiled at 10:00 AM this morning, it features three individual brackets with a top rate of 33 percent, and a corporate rate of 20 percent. A lot of tax breaks get chopped. (Morning Consult)
  • Democrats Call for Carried Interest Repeal: Sen. Tammy Baldwin (D-WI), Rep. Carl Levin (D-MI), and a group of millionaires held a joint press conference calling for the repeal of the provision. (Politico)
  • Tennessee Corporate Credits Tracking: The Beacon Center of Tennessee and Good Jobs First work together to launch a website to track corporate tax credits in the state. (Beacon Center)
  • Massachusetts to Vote on Marijuana: Proponents submitted enough signatures to put the legalization and taxation (at a 10 percent rate) proposal on the November ballot. (The Cannabist)
  • Los Angeles Transit Tax on Ballot: The Los Angeles MTA voted 11 to 2 to put a sales tax increase on the November ballot to speed up construction of new transit line. It would hike the tax by a half-cent and make permanent an existing half-cent due to expire in 2038. If approved, it would make the total local transportation tax 2 percent. (Los Angeles Times / KPCC Radio)

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