Highway Trust Fund

: TaxVox

Cap and Trade Plans, Tax Deadlines, and Rate Drops

Washington Governor Jay Inslee proposes a statewide cap and trade program. The Democrat released details of his carbon pollution market program that would give the state’s Department of Ecology authority to set annual goals aimed at reducing emissions to half of 1990 levels. Inslee would extend the

January 5, 2015Renu Zaretsky

Individual Taxes: TaxVox

Now is the Perfect Time to Raise Gas Taxes

Let’s see if I have this right: Congress needs to finance highway and transit projects but can’t agree on how. The traditional revenue source is the gasoline tax. Gas prices are at their lowest levels in years and dropping. Consumers would barely notice if they had to pay a bit more now at the pump

November 11, 2014Howard Gleckman

State and Local Issues: TaxVox

Voters Hate Gas Tax Hikes—That's a Problem for States

On Election Day, Massachusetts voters proved once again that increasing the gas tax is a political loser . And that's a problem. As I explain in a new Tax Policy Center brief , the federal government and most states have per-unit gas taxes. That is, they tax the number gallons purchased, not the

November 6, 2014Richard C. Auxier

: TaxVox

August Avoidance: Corporate Taxes and Budget Realities

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, September 8. Until then: We’ll see you every Monday morning. Walgreen might be the only one who’s tired of talking about inversions. The Illinois-based drugstore chain plans to keep its tax base in the US

August 11, 2014Renu Zaretsky

Federal Budget and Economy: TaxVox

Does Congress Really Care About the Deficit? Not When It Comes to Vets and Highways.

Next time a lawmaker starts to pontificate about the desperate need to reduce the budget deficit, remind him (or her) about what Congress did just before it left town last week. It passed two bills that are extremely important, but didn’t pay for either of them. And they are likely to add tens of

August 7, 2014Howard Gleckman

: TaxVox

“You Got to Know When to Fold ‘Em”

Gambling with the Highway Trust Fund: The House always wins? As expected , the House rejected the Senate’s four-and-a-half month $8 billion highway funding patch passed earlier this week. The House returned its own 10-month $10.8 billion patch—the one that includes pension smoothing — back to the

August 1, 2014Renu Zaretsky

: TaxVox

What’s Love Got to Do with It? Not Much, in Congress

The Senate won’t “Bring Home Jobs…” at least not through the bill that would have denied tax deductions for costs of moving corporations out of the country. The Bring Home Jobs Act needed 60 votes to pass but received only 54. The House GOP may vote to put the estate tax to death. They’ve been

July 31, 2014Renu Zaretsky

: TaxVox

A Showdown, Some Backlash and Big Bets

The Highway Trust Fund is almost out of gas. Congress leaves for its month-long recess on Friday, but without legislative action the fund will run out in August. The Senate is expected to vote on the amended bill this week, though it needs 60 votes to pass. Senate Majority Leader Harry Reid had

July 28, 2014Renu Zaretsky

: TaxVox

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

July 21, 2014Renu Zaretsky

: TaxVox

A Ditch, an Add, and Maybe an End Run

Australia repeals its two-year-old carbon tax. It’s been a contentious issue for seven years. Australia is one of the biggest producers of carbon emissions per capita. Its government is committed to reducing emissions to 5 percent below year 2000 levels by 2020. A carbon tax might have been the

July 18, 2014Renu Zaretsky