Lunch Links: Record federal tax revenue, projected deficit rises; Kansas must process same-sex joint returns; Trump, Clinton to give economics speeches
August 8, 2016
Today is August 8, the date in 1966 when the Beatles album Revolver was released in the United States (it came out in Britain three days earlier). This one is tax-related because the opening track of Revolver is Taxman, which George Harrison wrote after their new fame pushed them into the UK’s 95 percent tax bracket (“There's one for you, nineteen for me”). Happy birthday, Taxman!
Here are some interesting links I came across:
Trump to Give Economic Speech Today: The Republican nominee, with his running mate, will speak on economics this afternoon in Detroit. Hillary Clinton, on Thursday, also gives an economics speech in Detroit. (The New York Times)
Federal Tax Revenue Hits Record: For the first ten months of the current fiscal year through July, the federal government collected $2.679 trillion, an all-time record. The projected deficit is up, though. (Washington Examiner)
On Presidential Tax Returns: Mitchell Zuckoff in The New York Times recites the history of presidents releasing their tax returns, dating to Nixon’s 1973 promise to do so because the American “people have got to know whether or not their president is a crook. Well, I am not a crook.” (The New York Times)
NCSL Conference This Week: The National Conference of State Legislatures annual summit is this week in Chicago. I spoke yesterday on marijuana taxes, and today on state tax trends. Visit us at booth 628.
Judge Orders Kansas to Process Same-Sex Joint Tax Returns: The state Department of Revenue had refused to process same-sex tax returns. The judge ruled that the U.S. Supreme Court decision authorizing same-sex marriage means the state has to process the returns. (State Tax Notes)