Lunch Links: Tax Returns; Man Gets $18 Trillion Tax Bill; Ohio Stores Benefit From Pennsylvania Cigarette Tax Hike

August 15, 2016

Today is August 15, the date in 1971 of the “Nixon Shock,” when President Nixon announced (via a TV address on Sunday evening) a series of economic measures designed to tackle high unemployment, high inflation, and draining gold reserves. Nixon suspended convertibility of the dollar into gold, imposed wage and price controls, and a 10 percent tax on imports. A political success, the Nixon shock likely helped bring on the 1970s stagflation as it did not address any of the fundamental issues driving inflation and exchange rate pressure.

Here are some interesting links I came across:

Tax Returns Tax Returns Tax Returns: Hillary Clinton and Tim Kaine released their tax returns on Friday. Mike Pence suggests that he’ll release his tax returns. Rep. Mark Sanford (R-SC) said he supports Trump but wants him to release his tax returns. Also, Tax Analysts updated their archive of presidential tax returns. Trump spokeswoman Katrina Pierson reiterated on Fox that Trump will not release his returns until his IRS audit is over on advice of his lawyer. (CNN Money / Bloomberg Politics / New York Times / Tax Analysts / Fox News)

Apple CEO Tim Cook on U.S. Tax Reform: Pressed on Apple’s holding cash overseas, Cook says the U.S. needs to move from its high-rate worldwide tax system. He’s hopeful that will be fixed in the next year or so. (Washington Post)

Ohio Stores See Sales Bump After Pennsylvania Cigarette Tax Increase: Cartons of cigarettes are being sold so fast at 5 Point Country Convenience Store on the Pennsylvania border that the store has doubled its inventory but can’t keep the shelves stocked. The Pennsylvania Department of Revenue reminds residents that you can only buy one carton of cigarettes without Pennsylvania tax stamps before facing criminal penalties. (CBS Pittsburgh)

Nebraska Chamber Head Says Tax Relief Needed: Barry Kennedy calls for reducing income tax rates, raising income thresholds at which tax rates apply, holding local governments responsible for property taxes, and ending shift of tax burdens between state and local. Two Tax Foundation scholars are speaking at a forum in Lincoln this Wednesday. (Omaha World-Herald)

Oregon Groups Take Sides on Measure 97: The Oregon Center for Public Policy endorses the $6 billion gross receipts tax; the Cascade Policy Institute board votes to oppose. (Oregon Center for Public Policy / Cascade Policy Institute)

Man Receives Tax Bill for Trillions: Railway worker Giles Hembrough received a letter from Her Majesty’s Revenue & Customs (HMRC) saying he owed £14,301,369,864,489.03 (about $18.4 trillion). He called and they said it was a mistake. (Kelly Phillips Erb)

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