Lunch Links: Trump on Taxes; Kaine on Taxes; Illinois Sales Tax Woes
July 22, 2016
Today is July 22, which would have been Senator William Roth’s 95th birthday. The Delaware Republican is best known for sponsoring legislation to create Roth individual retirement accounts (Roth IRAs), which allow after-tax savings to be placed in an account to be withdrawn tax-free in the future, subject to certain limitations. Roth was a Senator from 1971 to 2001, chairman of the Senate Finance Committee from 1995 to 2001, and passed away in 2003.
Here are some interesting links I came across:
- Trump on Taxes: In his speech accepting the Republican presidential nomination, Trump said: “I have proposed the largest tax reduction of any candidate who has declared for the presidential race this year – Democrat or Republican. Middle-income Americans will experience profound relief, and taxes will be simplified for everyone. America is one of the highest-taxed nations in the world. Reducing taxes will cause new companies and new jobs to come roaring back into our country.” (Politico)
- Not So High: Richard Rubin of The Wall Street Journal notes that among the 30 industrialized countries, U.S. taxes are higher only than South Korea, Chile, and Mexico. (Wall Street Journal)
- Compare the Presidential Tax Plans: Click on the links to read our analyses of Hillary Clinton’s tax plan and Donald Trump’s tax plan. You can also compare their positions on tax issues. Many of you have asked about Gary Johnson’s tax plan; we have asked his campaign for details and are awaiting a response. (Tax Foundation)
- Clinton Rumored to Name Kaine as VP Choice Today: The rumor mill in Washington is that Clinton will e-mail her supporters this afternoon with her choice. The most chatter is around Virginia Senator Tim Kaine, who previously served as Governor of Virginia from 2006 to 2010 and Mayor of Richmond from 2002 to 2006. Kaine as Governor abolished the state estate tax, but unsuccessfully sought transportation funding overhauls and an income tax increase. (Tax Foundation)
- Citizens for Tax Justice and Others Demand U.S. Blacklisting as a Tax Haven: In advance of the G20 finance minister summit this weekend, the international Tax Justice Network, of which CTJ in the U.S. is a part, is demanding that the United States be named a tax haven by the OECD. The idea that the U.S. is a tax haven is laughable, considering our high corporate rate, archaic worldwide tax system, and rising number of outward-bound companies. (Tax Justice Network)
- Time to Fix Illinois’ Broken Sales Tax: Citing our research and graphics, the reporter concludes that “Illinois has a high sales tax rate, but because its base is so narrow, it actually has fairly low sales tax revenues.” Not fixing it creates pressure to boost other taxes. (Chicago Magazine)
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