Graham would require all presidential candidates to release their tax returns. Sen. Lindsey Graham says he’ll introduce a bill to require all White House hopefuls to make their tax returns public starting in 2020. Public disclosure of returns has been custom for four decades, but it is not legally required. President Trump has refused to release his returns. Graham, a Republican, has been battling with Trump over a long list of issues.
Ways & Means Chairman Brady: A border-adjustable tax “will be in” tax reform. He told CNBC yesterday that while the House and Senate have some work to do with the President, tax reform will include a border-adjustable tax. He remains optimistic that reform will be complete by August and that a BAT “will be designed and transitioned in a good way.”
The Carlyle Group’s cofounder isn’t so sure. The financier and philanthropist David Rubenstein told CNBC yesterday that “no doubt there'll be corporate tax cuts in those and repatriating money from offshore… but I think it'll take about a year before it gets done.”
One thing’s for certain: The President has a fiscal math problem. TPC’s Howard Gleckman reviews the President’s stated plans for spending and compares them to the federal budget. Trump would target all his spending cuts on non-interest, non-defense, discretionary spending—which account for only 14 percent of the budget. “No matter what cuts Trump suggests, when it comes to specific dollars for specific programs, Congress will have the last word.” Trump’s budget might be a deal he just can’t close.
There’s no business like tax business. Major retailers have upped their lobbying game. They’ll air a satirical infomercial on the border-adjustable tax this week—which they vehemently oppose. Their audience could be large, but they may be aiming for one pair of eyes in particular. The Washington Post reports that the commercial will air during programs President Trump is known to watch.
Them’s the breaks: Taxing retirement income. The Tax Hound returns with a look at states’ efforts to make retirees happy with state income tax breaks on pensions and other retirement plan distributions. Retirees might be happy, but that doesn’t mean the tax breaks make sense.
Your tax refund: Claim it or lose it. The IRS is holding refunds totaling $1 billion for about 1 million people who never filed their 2013 federal income tax returns. If you’re one of them, you have only until Tuesday, April 18, to file your 2013 return. IRS Commissioner John Koskinen reminds students or others who might be leaving money on the table: “Remember, there’s no penalty for filing a late return if you’re due a refund.”
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- © Urban Institute, Brookings Institution, and individual authors, 2016.