Tax Policy Center

sales tax

: TaxVox
An Obamacare replacement? Senate Finance Committee chair Orrin Hatch, House Energy and Commerce chair Fred Upton, and GOP Senator Richard Burr have released their health reform plan, called the Patient CARE Act. The proposal, similar to a bill Hatch and Burr introduced last year, would repeal the
February 6, 2015Renu Zaretsky
: TaxVox
Governor LePage wants big tax cuts for Maine. Republican Paul LePage’s new budget proposal would cut the top income tax rate by 2.2 percentage points to 5.75 percent, and apply it to single tax filers with incomes over $50,000, instead of the current threshold of $21,200. The plan would cut
January 12, 2015Renu Zaretsky
: TaxVox
Income inequality may shrink state tax revenues. A new report from Standard & Poor’s tells the tale. Incomes have grown rapidly among the wealthy, but have barely kept pace with inflation for many others. But high income earners both shelter their income from taxes and save more, reducing state
September 16, 2014Renu Zaretsky
State and Local Issues: TaxVox
Politicians love sales tax holidays as good campaign fodder. Retailers celebrate them with gaudy signs announcing tax-free shopping, and consumers line up to take advantage of the deals. But economists and policy analysts across the ideological spectrum condemn them as poorly targeted tax policy
August 18, 2014Richard C. Auxier
: TaxVox
Gambling with the Highway Trust Fund: The House always wins? As expected , the House rejected the Senate’s four-and-a-half month $8 billion highway funding patch passed earlier this week. The House returned its own 10-month $10.8 billion patch—the one that includes pension smoothing — back to the
August 1, 2014Renu Zaretsky
: TaxVox
Another big inversion deal heads to closing. Pharmaceutical giant AbbVie agreed to purchase UK drugmaker Shire , making it the largest US company so far to move its address overseas for lower taxes. The deal, now estimated to be worth about $55 billion, will likely close despite any US action to
July 21, 2014Renu Zaretsky
State and Local Issues: TaxVox
This week, the District of Columbia City Council approved a major tax reform bill. And, as it happens, some important—but unspoken-- issues of race and class are underlying key changes to the revenue code. Earlier this year, the DC Tax Revision Commission proposed a broad rewrite of the city’s tax
June 26, 2014Howard Gleckman
: TaxVox
What’s a nation to do with as-yet-untaxed US multinational corporate income? The Center on Budget and Policy Priorities analyzes what a repatriation tax holiday might mean for the US economy. In short: it wouldn’t help. The Business Roundtable , a group of corporate chief executives, doesn’t want
June 20, 2014Renu Zaretsky
: TaxVox
A tax break on the vine is worth none in the bush? TPC’s Howard Gleckman describes yet another stupid tax trick in his latest post. A provision for some fruit and nut growers was slipped into a bill restoring extra tax breaks for business investment. The goodie, also examined in depth by Marc
June 16, 2014Renu Zaretsky
: Daily Deduction
IRS Boss Koskinen hints at more relief for US citizens with cash stashed overseas: Speaking to the OECD’s International Tax Conference in Washington, Koskinen said the service may give a bit more of a break to some who remain out of compliance with FATCA: “Our goal is to ensure we have struck the
June 5, 2014Renu Zaretsky