The President’s one-page tax plan isn’t pleasing everybody. An AOL News poll finds that nearly 60 percent of respondents who have formed an opinion on Trump’s tax proposal oppose it. Twenty-three percent say they need to know more before making a decision. Meanwhile, a Morning Consult poll finds that about half of respondents think his one-pager is a “good place to start.” However, while two-thirds favor tax cuts for child care and small business and doubling the standard deduction, less than 40 percent back a 15 percent corporate tax rate. Nearly half say they would not support a tax bill that adds to the deficit.
Speaking of surveys... A group of academic economists polled by the University of Chicago isn't buying the White House claim that the president's tax plan would pay for itself through increased growth. When 42 economists were asked, one strongly agreed with the proposition, five didn't answer, and the rest either disagreed or strongly disagreed. This survey was not anonymous so you can see who voted, and how.
The President won’t touch the charitable deduction, but that doesn’t mean charitable giving is safe. Urban Institute researcher Joycelyn Ovalle explains how charitable giving could decline under Trump’s proposed increases in the standard deduction and tax rate cuts.
The House has planned a vote on the AHCA this afternoon. The House expects to vote on the American Health Care Act today, which would repeal the Affordable Care Act and its associated taxes and tax subsidies and replace it with a tax-credit-based plan.
Soda tax falls flat in Santa Fe, New Mexico. Voters rejected a 2-cent-per-ounce tax on sugar-sweetened beverages. The tax would have been remitted by distributors, and was designed to increase access to pre-kindergartens education.
Colorado looks for a new budget high with a marijuana sales tax increase. State lawmakers have introduced legislation to raise the recreational marijuana special sales tax from 10 percent to its maximum 15 percent rate. New revenue would support rural schools and fund a tax break for business owners on personal property. These purposes—linked to core state expenses—were not in original tax language approved by voters in 2013.
Will Wisconsin raise its gasoline tax? An Assembly Republican has proposed the plan. While it lacks specifics, such as a new rate, it could fill a long-term shortage in the state roads fund. GOP Governor Scott Walker reiterated his opposition to an increase in the state’s gas tax.
Have you thanked a teacher lately? The Tax Hound considers the role educators in elementary and high schools play in introducing tax policy to students, and hears from educators themselves. She thinks their role could be bigger: “All students can learn more about tax. It’s part of being a contributing citizen.”
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