Lunch Links: Massachusetts Transport Options Taken for a Tax Ride; Trump Teed Up for Golf Property Tax Discrepancy; Tax Benefits in Amber Heard Divorce from Johnny Depp
August 22, 2016
Today is August 22, the date in 1902 when President Theodore Roosevelt became the first U.S. president to ride in an automobile. In 1919, states began imposing excise taxes on gasoline and today it remains a key revenue source (if troubled, due to better fuel efficiency and reduced driving).
Here are some interesting links I came across:
Right and Wrong on Corporate Taxes: Bloomberg reporter Paula Dwyer says Trump and Clinton are both wrong on corporate taxes. (Bloomberg)
Massachusetts Imposes Tax on Ridesharing to Fund Taxis: A new 20-cent-per-ride tax will be divvied up 5 cents for state transportation, 10 cents to cities and towns, and 5 cents for taxi subsidies. Exact use of the taxi subsidy money has yet to be determined, though Boston Globe readers had some ideas. The taxi industry had sought to ban ridesharing (companies like Uber and Lyft). (Reuters / The Boston Globe)
Trump Low-Balls Value of Golf Courses to Tax Authorities: In his FEC filing, Donald Trump said his ten golf courses are worth at least $385 million, but his company has fought for valuations for property tax purposes at least 40 percent less than that. (The Washington Post)
Gary Johnson Open to Carbon Tax: The Libertarian nominee said: “One of the proposals that I think is a very libertarian proposal, and I'm just open to this, is taxing carbon emission that may have the result of being self-regulating.[…] The market will take care of it. I mean, when you look at it from the standpoint of better results, and actually less money to achieve those results, that's what is being professed by a carbon tax.” (CNBC)
Professor Tribe on IRS Scandal: In a reversal, Professor Laurence Tribe says the IRS was engaged in discrimination against conservative groups, which was “inexcusable abuse.” (Tax Prof)
Depp-Heard Divorce Tax Implications: Tony Nitti works through the tax consequences of actress Amber Heard’s decision to donate to charity her $7 million lump sum divorce payment from husband Johnny Depp.