Lunch Links: Trump’s 1995 Tax Returns; DC Competitiveness; Washington Carbon Tax Dispute

October 3, 2016

Today is October 3, the anniversary of the passage of the Underwood Tariff Act of 1913, which imposed the federal income tax that is still with us today. Democrats, in control of both houses of Congress and now with President Wilson in the Oval Office, pressed for a significant reduction in tariffs. The federal income tax was intended to make up the revenue gap. The top rate was set at 6 percent.
Here are some interesting links I came across:
Trump’s 1995 Tax Return: My colleague Alan and I summarize this weekend development, where the New York Times obtained Donald Trump’s 1995 state tax returns and it showed a very large business loss used as a tax deduction. See coverage from Politico, the Washington Post, Associated Press, Vox, NBC, and CNBC. (Tax Foundation / New York Times)
In the Mail: The Times reporter, Susanne Craig, describes finding the tax returns in her mail. (New York Times)
DC Competitiveness: I testified last week on the subject to the Mayor’s Working Group. Excellent questions about how to keep ahead of Maryland and northern Virginia kept me in the hot seat for 90 minutes. (Tax Foundation)
Dispute Over Washington Carbon Tax Ballot Initiative: There’s a dispute over whether the Sierra Club should support or oppose I-732. (Seattle Weekly)
Corporate Income Tax Costly: The R Street Institute says the corporate income tax is more trouble than it’s worth. (R Street Institute)

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