Tax records chart the clearest map yet of same-sex marriages. A new study published by the Treasury Department matches the tax returns of same-sex couples who filed jointly in 2014 with their Social Security records. Researchers estimate that in 2014 there were 183,280 same-sex marriages in America, or about a third of 1 percent of all marriages.
Multinationals ought to disclose more tax information, says coalition. The Financial Accountability & Corporate Transparency Coalition has a new report calling on the Securities and Exchange Commission to update its rules to require U.S. multinational corporations to disclose more tax information. The coalition argues that investors are at risk without more transparency.
In Georgia, tax revenues are up. Overall collections were up 6.8 percent in August, with gains in the state income and sales taxes. Personal income tax collections were up 9.5 percent in August. Two months into the 2017 fiscal year, tax collections are up 4.3 percent, or about $134 million. The state’s budget reserves have now hit $2 billion.
But in Louisiana, tax reform might be the state’s only budget hope. Louisiana enjoyed its largest tax cuts in history in 2002, but now state budget experts warn that the state is no longer collecting enough revenue to support its budget. It faces a $1.1 billion shortfall at the end of fiscal 2018. Tax increases could help, but political divisions between the Republican legislature and Democratic governor remain a sticking point.
In the United Kingdom: Wales may soon impose its own taxes for the first time in 800 years. A land transaction tax could replace stamp duty land tax next fall, raising £250m a year. Wales faces a potential budget shortfall without the tax increase, as the UK may cut its annual grant to Wales, currently at £15bn, faces cuts.
On the Hill. Today the House has scheduled a vote on a bill to restore the threshold for the medical care expense deduction from 10 percent to 7.5 percent of adjusted gross income. The measure would reduce revenues by $32.7 billion over 10 years. The House Ways & Means Committee will hold a hearing on tax-exempt college and university endowments; tomorrow the panel plans to discuss debt-equity regulations with Treasury Secretary Jack Lew. It will also mark-up a fistful of narrow special interest tax breaks for among others, citrus farmers, irrigation and ditch companies, nuclear power companies, and, of course, Olympic medal winners.
Elsewhere on the Hill. Also tomorrow, the Senate Budget Committee will hold an oversight hearing on the Congressional Budget Office with its director Keith Hall. The House Small Business Committee will hold a hearing on IRS audits and small business. Talks continue in the House on efforts to impeach IRS Commissioner John Koskinen — a vote may come at the end of the week.
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