Posts Tagged ‘sales tax’

Summer Blockbuster? Congress’ Week Is Tax-Action Packed

Another big inversion deal heads to closing. Pharmaceutical giant AbbVie agreed to purchase UK drugmaker Shire, making it the largest US company so far to move its address overseas for lower taxes. The deal, now estimated to be worth about $55 billion, will likely close despite any US action to curb inversions. The Senate may […]

Close But No Cigar: The Politics of Class, Race, and Taxes

This week, the District of Columbia City Council approved a major tax reform bill. And, as it happens, some important—but unspoken– issues of race and class are underlying key changes to the revenue code. Earlier this year, the DC Tax Revision Commission proposed a broad rewrite of the city’s tax code, including two modest but […]

Revenues, ‘Rithmetic, and the Power of Magical Thinking

What’s a nation to do with as-yet-untaxed US multinational corporate income? The Center on Budget and Policy Priorities analyzes what a repatriation tax holiday might mean for the US economy. In short: it wouldn’t help. The Business Roundtable, a group of corporate chief executives, doesn’t want to see temporary revenues from the tax holiday used […]

Fruit, Pizza, Roads, Short-term Fixes and Shifts

A tax break on the vine is worth none in the bush? TPC’s Howard Gleckman describes yet another stupid tax trick in his latest post. A provision for some fruit and nut growers was slipped into a bill restoring extra tax breaks for business investment. The goodie, also examined in depth by Marc Heller of […]

Another FATCA Break, Sales Tax Increases Support Health and Safety, and Slow-Walking the EXPIRE Act

IRS Boss Koskinen hints at more relief for US citizens with cash stashed overseas: Speaking to the OECD’s International Tax Conference in Washington, Koskinen said the service may give a bit more of a break to some who remain out of compliance with FATCA:  “Our goal is to ensure we have struck the right balance […]

Should Louisiana Dump Its Income Tax for a Bigger Sales Tax?

Last week Louisiana’s Republican Governor Bobby Jindal proposed replacing the state’s individual income and corporate taxes with a higher sales tax. While details are scarce, initial media reports suggest Jindal would both raise the sales tax rate and make more goods and services subject to the levy. Louisiana’s current 8.86 percent average combined state and […]