Lunch Links: Teamsters Say No to Soda Taxes; No Missouri Tax Cut; New Jersey May End Pennsylvania Tax Pact
July 6, 2016
Today is July 6, the 81st birthday of the present Dalai Lama. Tibet as recently as the 1950s had a quasi-feudal social system, with hereditary “treba” (“taxpayer”) families responsible for owning land and paying taxes, with lighter tax obligations owed by householder peasants and indentured peasants.
Here are some interesting links I came across:
- Teamsters Oppose Soda Taxes: The Teamsters 29th International Convention approved a resolution putting the powerful union on record opposing soda taxes. The Philadelphia local, meanwhile, sent letters to politicians who voted yes on the soda tax to expect no further support from the union. (PR Newswire / Citified)
- Arkansas Ends Year With $177 Million Surplus: The surplus was driven by strong individual and business tax collections. (Arkansas Business Journal)
- California Income Tax Extension on Ballot: In November, California voters will decide whether to extend higher income taxes on those who earn more than $250,000 a year, with a top rate of 13.3 percent on income above $1 million (up from 10.3 percent). The taxes were approved in 2012 and will expire at the end of 2018 unless extended. (Sacramento Business Journal)
- San Francisco Muses Payroll Tax for Housing: Three legislators and some activists are pushing a 1.5 percent payroll tax on tech companies to pay for homeless and housing services but also transparently to punish them for sparking a housing boom in The City. San Francisco’s budget is currently a healthy $9.6 billion and there’s already a payroll tax on employers. The City is adding about 3,600 new housing units a year. (The New York Times / Curbed San Francisco)
- No 2017 Tax Cut for Missouri: Missouri’s 2014 tax package set into place 10 years of individual income tax cuts and a “small business” gimmick, but would only go into effect if tax revenue grew at least $150 million over last year. Actual growth was $77 million, so the first year of the tax cut will be postponed until at least 2018. (Tax Foundation / St. Louis Post-Dispatch)
- New Jersey May End Tax Reciprocity with Pennsylvania: Gov. Christie (R) directed his staff to investigate the impacts of ending the tax reciprocity agreement between New Jersey and Pennsylvania whereby the states agree not to tax each other’s residents. The pact, which dates to 1977, means New Jersey residents only pay New Jersey taxes even if they work in Pennsylvania, and Pennsylvania residents only pay Pennsylvania taxes even if they work in New Jersey. Back in 1977, New Jersey had a 2.5 percent top income tax rate and Pennsylvania had a 2 percent top income tax rate so there wasn’t much of a gap; today, New Jersey’s is 8.97 percent and Pennsylvania’s 3.07 percent. (NJVT)
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