Lunch Links: Illinois Graduated Tax Hits Small Business, Sanders Tax Returns, Tax Break for Field of Dreams Site
April 27, 2016
Today is April 27, the 200th anniversary of Congress beginning to mess with the tax code, enacting a tariff law for protectionist purposes rather than just to raise revenue.
- Numbers war breaks out over Illinois graduated income tax: A very martial headline but an excellent summary of our press conference in Illinois yesterday reviewing the proposal to tax small businesses at up to 11.25 percent. There was also coverage from NPR, WAND, WBGZ, and TV coverage across the state last night, and we've been doing radio interviews yesterday and today. You can also read the report we released here.
- Democrats seek international tax reform: “The overhaul in question would not be a major tax reform of the kind that has eluded lawmakers in recent years. Instead, it would change the way companies are taxed on income earned overseas with the purpose of relieving the pressure that U.S. companies face to move their headquarters out of the country.”
- Jane Sanders: Bernie will provide tax returns when Clinton releases transcripts: This pulls back from her husband’s April 17 statement that he would probably release his tax returns within a week. The couple has released their 2014 tax return.
- Commentary: Time to end Pa.'s corporate welfare handouts: “Dubbed ‘press release economics’ for the media attention and ribbon-cutting ceremonies that come with new grants, these incentives look promising but fail to sustain new jobs. In fact, they undermine growth.”
- Lawmakers OK tax rebates to benefit 'Field of Dreams' site: I guess Iowa policymakers got tired of waiting for building and coming to happen on its own, so the builders of a sports complex will get $2.5 million in sales tax rebates.
- Gianforte Releases '406 Tax Relief' Plan: Montana’s Republican candidate for Governor says he wants to phase out the business equipment tax (a literal tax on investment) over four years, hold state spending growth at zero after inflation, and cut the income tax rate to 6 percent.
- IRS doesn’t take iTunes cards as tax payment: If you get an e-mail or phone call from “the IRS” demanding payment in that way, it’s a scam.
Also this afternoon, the American Bar Association will be hosting a free teleconference panel on the tax code and income inequality, and at 2:15 PM at DC’s Palomar Hotel, Utah state Senator Curt Bramble will be debating NetChoice executive director Steve DelBianco on Internet sales taxes.