Did President Trump really create the best economy ever? TPC’s Howard Gleckman and Aravind Boddupalli run the numbers and conclude that Trump’s signature legislative accomplishment, the Tax Cuts and Jobs Act, did little to increase economic growth or employment. The stock and bond markets have done well, however.
President Trump promotes Education Freedom Scholarships and Opportunity Act. The idea, based on 18 states’ efforts: Give new federal income tax credits to people and businesses who fund scholarships for religious K-12 schools. The funding would support tuition at the school of a student’s choice, or the cost of online classes, tutoring, and after-school programs, among other things.
“Tax the rich? Sure. Also, I am not rich.” The Tax Hound takes a look at the apparent popularity of a wealth tax. Is it popular because of taxpayers’ perceptions about their own income and wealth, and that of others?
Tax big companies in Seattle? Depends. Also, we are a big company in Seattle. Eleven large employers in Seattle say they are willing to pay a business tax to fund affordable housing, mental health, and public safety in King County. They don’t quite endorse a bill in the state legislature that would allow King County to tax large businesses with high earners, however. Rather, they say any tax should be “imposed at a reasonable level with accountability for results in homelessness and affordable housing.”
Will Idaho increase its grocery tax credit? Rather than continue an uphill battle to repeal a six percent sales tax on groceries in place since 2018, a group of Idaho lawmakers is changing tactics. It proposed increasing the state’s grocery tax credit from $100 per person under age 65 and $120 for older adults to a universal $135 refundable credit. Why increase the credit instead of repealing the grocery sales tax? Repeal would require lawmakers to define “grocery” and retailers to reprogram computers and cash registers.
After 92 years, wives on the island of Jersey can talk to tax authorities without their spouses’ permission. Jersey has its own fiscal system, independent from Britain, and is a tax haven. But under a 1928 tax law only husbands in heterosexual marriages can pay taxes. Wives’ earnings are considered part of their husbands’ income, and wives needed their husband’s permission to be treated separately or even discuss finances with the tax office. When Jersey legalized civil unions and same-sex marriages, it amended the 1928 law to allow the older partner to take the role of “husband” and the younger partner to be the “wife.” Lawmakers on Jersey now have repealed the law. Married couples and civil partners will enjoy full tax filing (and talking) equality in 2022.
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