Lunch Links: Ohio’s Kasich Boosts Film Subsidies; Trump to Sue Over Taxes in DC; Spain Raids Google
June 30, 2016
Today is June 30, the date in 1997 when Hong Kong’s sovereignty was transferred from Britain to China. Hong Kong’s taxes today include a 15 percent salaries tax, a 16.5 percent corporate profits tax, and a 15 percent tax on rental income. There’s no value-added or sales tax, no tax on dividends or investments, no tax on capital gains, and even no tax on hotel stays. The special administrative region (SAR) also has a territorial tax system, only taxing income earned within its borders, unlike the U.S. worldwide tax system taxing U.S. residents wherever they earn income.
Here are some interesting links I came across:
- Puerto Rico Bill Approved: The Senate voted 68 to 30 to approve the Puerto Rico bill without further amendments, and it now goes to President Obama, who said he will sign it. (U.S. Senate)
- Trump Prepares to Sue DC Over Tax Bill: Donald Trump’s company has a lease to convert the Old Post Office building on Pennsylvania Avenue into a hotel, a property the DC government valued for tax purposes at $98 million. Trump appealed, and got it knocked down to $91 million. That’s apparently still too high since a lawsuit is now being prepared. Trump’s people had previously sought a tax exemption but were rebuffed. (Politico / Washington Business Journal)
- Clinton Pitches Wi-Fi: Democratic presumptive nominee Hillary Clinton proposes tax-funded free wi-fi at airports and other public spaces. (Twitter)
- Ohio Boosts Film Tax Subsidies: Gov. John Kasich (R) approves raising Ohio tax dollars going to big Hollywood studios from $20 million to $40 million. Economic development officials hope someone will build a soundstage with the subsidies, though it’s not required. (WKYC)
- Spain Tax Freedom Day: While Tax Freedom Day in the United States came on April 24, Spain’s “Día de la Liberación Fiscal” didn’t arrive until yesterday. (Atlas Network / Civismo)
- Spain Raids Google’s Offices over Tax Investigation: Perhaps coincidentally, today Spain raided Google’s Madrid offices, looking for evidence of tax evasion. (Reuters)
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