A digital tax, one more time. Politico reports the EU wants the G-20 finance ministers to declare a global system for taxing technology giants is their "highest priority." The finance ministers and central bankers will meet in Washington next week. The EU itself failed last year to reach consensus on the issue though several member states, including France, say they will go their own way to impose a tax.
The “Key Worldwide Foundation” ran a college admissions scam. How can the IRS and Congress prevent similar fraud? The Brookings Institution’s Adam Looney says "the IRS should step up its review of tax-exempt organizations and Congress should rebuff recent proposals that would free charities from reporting, confidentially, the sources of their funds.” The foundation was organized as a non-profit so parents could take tax deductions for fees that in part were used to bribe college officials.
Study shows a graduated income tax could reduce income disparity in Illinois. The Associated Press reports that the Project for Middle Class Renewal and the Illinois Economic Policy Institute find that Governor JB Pritzker’s tax proposal could generate billions of dollars in extra annual revenue. The money could help close state deficits and fund public schools and infrastructure. The study models eight different tax-rate scenarios and their effects on five public policy goals: Cutting income taxes for at least two-thirds of taxpayers, reducing property taxes, protecting small businesses, eliminating the state’s “structural” deficit, and boosting education and brick-and-mortar funding.
Connecticut’s governor gears up to fight for a tax on sugary drinks. Democratic Gov. Ned Lamont included a 1.5-cent-per-ounce tax on sugar-sweetened drinks in his budget proposal. His state joins several others facing legislative debates over the issue. Lamont would direct revenues from his proposed tax to the state’s general fund, but says the tax could ultimately reduce healthcare costs by lowering consumption of the beverages.
Florida’s GOP chair wants tax reform, but his GOP colleagues… don’t? In the wake of the Wayfair decision that allows states to require online retailers to collect sales taxes, Sen. Joe Gruters’ would require collections. But Gruters wants to offset any revenue increase by cutting the state’s 5.7 percent sales tax on commercial rent payments to 4.2 percent. Florida is the only state that imposes a sales tax on business rent. But his Republican colleagues insist the plan is a tax increase even though it would save business renters about $425 million.. Gruters, an accountant by training, has been repeating this mantra for weeks: “This is not a tax increase.” It’s “revenue-neutral.” So far, his claim is falling on deaf ears.
Would voter registration increase if tied to tax filing? Tune in today at 10:30 am EDT: TPC’s Vanessa Williamson will release results of her study of what would happen if people could get voter registration information when they file their taxes, much like they do when they renew their driver’s licenses. Tune in to the live webcast here.
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