Lunch Links: Trump Takes Hits from Clinton (Release Tax Returns) and Forbes (Troublesome Pass-Through Rate Reduction); NCSL Calls on Congress for Marijuana Reforms

August 11, 2016

Today is August 11, which is #PresidentialJokeDay on Twitter. Worst one I saw: “Which rock group has four guys who don’t sing?” Mount Rushmore.

Here are some interesting links I came across:

Clinton to Attack Trump Tax Plan in Speech: The Democratic presidential nominee will say the Republican nominee’s plan hurts average Americans, and call for him to release his tax returns. (The New York Times / Politico)

Forbes on Trump’s Problematic Pass-Through Rate Reduction: Janet Novack walks through why narrowing the tax base with a rate reduction for pass-through businesses like LLCs and LLPs will motivate everyone to become independent contractors for tax purposes. (Forbes)

Replacing India’s Indirect Taxes: My colleague Emily Potosky explains what’s changing about India’s tax system following approval of a major reform package. (Tax Foundation)

Indonesia President Wants to Cut Corporate Tax Rate: It’s currently 25 percent and President Joko Widodo wants to drop it to 20 percent. Neighboring Singapore is 17 percent. (The Wall Street Journal)

NCSL Adopts Resolutions on Marijuana, Internet Sales Tax, Gambling: The National Conference of State Legislatures, meeting in Chicago this week, adopted a number of tax-related resolutions yesterday. Most surprising was a resolution calling on Congress to deschedule marijuana (it’s currently Schedule I on the Controlled Substances Act, the most stringent schedule) and allow banking for marijuana businesses in states that have legalized it. The conference also endorsed the proposed federal Remote Transactions Parity Act and Digital Goods and Services Tax Fairness Act. Also, NCSL asked the feds to leave banning or legalizing games of chance and skill up to the states. (Twitter)

State by State in 2016: Four reporters from State Tax Notes summarize what states did (and didn’t do) on taxes this year. Key trends are new Internet sales tax nexus laws; new incentives in Nevada and Delaware but countervailing efforts to rein in incentives and evaluate them better; tax reductions in North Carolina, Indiana, Tennessee, New York, and Florida; the upcoming Oregon ballot initiatives; tax increases and negative effects in Connecticut; and ongoing debates in Illinois, Pennsylvania, Louisiana, and Kansas. (State Tax Notes)

Kentucky Considering Inheritance Tax Repeal: WFPL presents the pros and cons. Kentucky is one of six states with an inheritance tax. (WFPL Radio)

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