SFC’s Ron Wyden turns up the heat on GOP nominee Donald Trump’s tax returns. Senate Finance Committee’s top Democrat wonders whether Trump might be “hiding evidence of questionable international business dealings by not releasing his tax return.” He says lawmakers will again push legislation that would require presidential candidates to release their tax returns. “This information should be available to voters before they vote.”
What do we know about GOP nominee Donald Trump’s tax plan? Less than we did before. His specific tax plan released last September has been replaced with eight bullet points—and only four are informative. TPC’s Howard Gleckman finds that what we now know is, “to use a technical tax term: bupkes.”
We do know that Trump would boost debt, “big league.” TPC’s Bill Gale explains that his tax plan (at least his original one), along with his promise not to cut Medicare or Social Security, would boost public debt. “Indeed,” he writes, “because of the massive rise in debt, Trump’s tax plan may actually hurt growth.”
Meanwhile, in the Olympics of Bad Ideas… US Olympic medalists must pay taxes on their cash and medal awards. Congress may soon pass a bill to make those awards tax exempt. Sounds like a reasonable way to help struggling amateur athletes, but Howard Gleckman shows why it’s more likely a “shameless subsidy” that would instead help professional athletes who need it the least.
States may face deficits soon. Early data from the end of the 2016 fiscal year don’t bode well. Tax revenue grew by a bit over 2 percent, below both historic norms and the growth rate of state spending and obligations.
Uber may have to pay back taxes if it wants to stay in Taiwan. The island’s government says Uber needs to pay $6.4 million in disputed sales taxes, arguing that the firm misrepresented its business as a technology platform rather than a transportation service. The tax dispute boiled over as the government decides whether to boot the ride-sharing company off the island.
Congress is in recess. The Daily Deduction will post Mondays until Congress returns.
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