Lunch Links: Social Security Tax Cap Raised; Liquor Prices in Pennsylvania Could Soar from Tax Change; Gary Johnson Tax Plan Still Lacking Details; Follow TF for Live Debate Coverage
October 19, 2016
Here are some interesting links I came across:
Europe to Pursue Unified Corporate Tax System: Politico has today’s scoop that the European Commission is preparing legislation to adopt a common consolidated corporate tax base. (Politico PRO)
Social Security Tax Cap to Go Up: The maximum amount subject to Social Security tax will go up in 2017 to $127,200, from $118,500 this year. It will affect about 12 million taxpayers. (The Wall Street Journal)
Soda Taxes Have No Pop: My colleagues Scott Drenkard and Morgan Scarboro walk through the evidence on soda taxes. (US News & World Report)
Pennsylvania Liquor Prices May Soar After Tax Change: Liquor sales in Pennsylvania are done by a state agency monopoly, with profits turned over to the state. Previously, retail pricing was set by law based on a set markup on top of the wholesale price, but now the monopoly can set a price however it wishes. The agency predicts its profits will increase by $65 million annually. (Penn Live)
Princeton Settles Property Tax Case: Princeton University has agreed to settle a claim that its use of property tax exemptions has driven taxes on its neighbors higher. The university will pay about $18 million through 2022, and increase its payments in lieu of taxes (PILOTs) through 2020. (Stateline)
Still No Details on Gary Johnson’s Tax Plan: We’ve gotten a lot of inquiries to score Gary Johnson’s tax plan, but his campaign has declined to provide us with details. He directed The Washington Post to an outside group promoting a national sales tax, who said the tax rate would be 30 percent ($30 in tax on each $100 of sales). (The Washington Post)
Cato Institute Paper on Carbon Tax: The Cato Institute put out a paper criticizing carbon taxes.
And of course tonight is the third and final presidential debate between Hillary Clinton and Donald Trump, moderated by Fox’s Chris Wallace. Wallace announced the following six topics: debt and entitlements, immigration, the economy, the Supreme Court, foreign hot spots, and fitness to be president. Follow my colleagues Kyle Pomerleau (@kpomerleau) and Scott Greenberg (@ScottElliotG) on Twitter through the debate.