Lunch Links: Oregon Gross Receipts Tax Proponents Pressure Economists to Change Results; City Opposes Oklahoma Tax Increase; Washington State Residents Spend $647 a Year on Marijuana

July 27, 2016

Today is July 27, the date in 1940 when Bugs Bunny debuted. The ‘wascially wabbit was spared by hunter Elmer Fudd in a 1942 cartoon when a telegram arrives informing Fudd of a $3 million inheritance on condition that he not harm any rabbits. Fudd lets Bugs go, but then learns that various taxes on the inheritance leave him with just $1.98. Happy birthday, Bugs!

Here are some interesting links I came across:

  • Trump Denies Financial Connections to Russia: Responding to claims by George Will that Trump’s tax returns reveal a relationship with Russia, campaign manager Paul Manafort denied that and said Trump is not releasing his tax returns because they’re under audit. Trump further tweeted that he has zero investments in Russia. (Washington Examiner / The Hill)
  • Tax Foundation is “Woolly-Headed”: Sellers of muni bonds respond to our piece questioning whether the muni bond exemption achieves what it’s supposed to in the most efficient manner. Their response is that infrastructure everywhere is crumbling and nothing should change. (Bond Buyer)
  • Facebook Ignores IRS Summons: The IRS office in San Jose has sent seven demands for records and other data. The IRS disagrees with how Facebook attributes costs of shared property among countries. (Bloomberg)
  • Oregon Tax Supporters Tried to Change Economic Study Results: Our Oregon, supporters of a proposed $3 billion gross receipts tax on the November ballot, hired Portland State University economists to review the measure. When the economists came up with unfavorable negative effects, they spent seven months trying to get the economists to change the results, and warned them against talking to the media. The correspondence was FOIAd by the The Oregonian. (The Oregonian)
  • Edmond Opposes Oklahoma Sales Tax Increase: The city council voted to oppose State Question 779 on the November ballot, which would raise the sales tax by 1 percentage point. Edmond officials say the higher sales tax might reduce sales. (KGOU)
  • Washington State Spending on Recreational Marijuana: The average legal marijuana buyer is 37 years old who buys every 19.5 days, with the median annual spend at $647. (Bloomberg)

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