The Trump Administration Should Not Reopen Offshore Loopholes Closed by Recent Regulations


| | Bookmark and Share

A new executive order signed by President Donald Trump on Friday asks that Treasury Secretary Steven Mnuchin review significant tax regulations issued in 2016. The broader context of the order is that President Trump is seeking to roll back regulations across the government - many of which he claims are overly burdensome - and could potentially target critical Treasury regulations such as two recent rules curbing corporate inversions. Any attempt to reopen tax loopholes closed by recent regulations would be counterproductive to the goal of creating a fair tax system and should be rejected.

Read more...


No Room to Swing a CAT in Louisiana Legislature


| | Bookmark and Share

The Louisiana Legislature has been in session for two weeks now. The stage has been set for fiscal reform and the stakes are high. The state faces a $1.3 billion loss of revenue starting July 1, 2018 when the temporary sales tax base expansion and rate increase expires if lawmakers fail to close the gap this legislative session. (State law prohibits the adjustment of taxes during the 2018 regular session.)

After years of repeated budget cuts, the appetite to cut an additional $1.3 billion doesn't appear to be there. Reform-minded revenue raising is understood broadly to be a necessary part of reaching a solution.

But getting there will prove to be difficult.

Read more...


State Rundown 4/19: Alaska's Long Income Tax Freeze May Be Thawing


| | Bookmark and Share

This week Alaska's House advanced a historic bill to reinstate an income tax in the state, Oklahoma's House voted to cancel a misguided tax cut "trigger," West Virginia's governor colorfully vetoed his state's budget, tax reform debate kicked off in Louisiana, and gas tax updates were considered in South Carolina and Tennessee, among other tax-related news from around the country. And in our "what we're reading" section you'll learn about a new book on American attitudes toward taxes and a new effort to make public finance data readily available online.

Read more...


Tax Justice Digest: Resources for Tax Day 2017


| | Bookmark and Share

In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here's a rundown of what we've been working on lately.

Read more...


State Rundown 4/12: Season in Transition as Some States Close, Others Open Tax Debates


| | Bookmark and Share

This week in state tax news we see Louisiana's session getting started, budgets passed in New York and West Virginia, Kansas lawmakers taking a rest after defeating a harmful flat tax proposal, and Nebraska legislators preparing for full debate on major tax cuts. Nevada lawmakers may make tax decisions related to tampons, diapers, marijuana, and property before closing their session this week. And gas tax update efforts are gaining steam in Alabama, South Carolina, and Tennessee.

Read more...


How to Shut Down Offshore Corporate Tax Avoidance, Full Stop


| | Bookmark and Share

A new bill introduced this week by Rep. Mark Pocan (D-WI), the Tax Fairness and Transparency Act, would rip out the offshore corporate tax avoidance system by its roots. This legislation combines into a single, comprehensive bill elements of three pieces of legislation that Rep. Pocan has proposed in previous years.

While many drivers of offshore corporate tax avoidance exist, the single biggest one is companies' ability to defer paying taxes on their offshore earnings. According to official estimates, this provision of the tax code, known as deferral, will cost the U.S. Treasury about $1.3 trillion over the next 10 years.

Read more...


Two New Bills Would Plug Major Loopholes in Our Offshore Corporate Tax System


| | Bookmark and Share

A new pair of bills introduced by Representative Lloyd Doggett (D-TX) this week would crack down on loopholes that allow corporations and individuals to avoid paying their fair share in taxes.

Rep. Doggett's Stop Tax Haven Abuse Act, which was sponsored by Senator Sheldon Whitehouse (D-RI) in the Senate, would close a number of the most harmful loopholes in the current international tax code. Taken together, the provisions of the bill would reduce international tax avoidance by $278 billion over 10 years.

Read more...


State Rundown 4/5: Focus on Major Tax Bills Intensifies


| | Bookmark and Share

This week in state tax news we saw a destructive tax cut effort defeated in Georgia, a state shutdown avoided in New York, and lawmakers hone in on major tax debates in Massachusetts, Nebraska, South Carolina, and West Virginia. State efforts to collect taxes owed on online purchases continue to heat up as well.

Read more...


Tax Justice Digest: Offshore Cash, Gas Tax and BAT


| | Bookmark and Share

In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here's a rundown of what we've been working on lately.

Read more...


All Is Peachy in Georgia, for Now


| | Bookmark and Share

Georgia lawmakers ended their legislative session Thursday by enacting a few tax credits and smartly choosing not to pass a major income tax cut that had been working its way through the legislature. Policymakers in other states should take note and follow Georgia's lead by rejecting costly and inequitable flat-tax and other high-income tax cut proposals.

Read more...

Sign Up for Email Digest

CTJ Social Media


ITEP Social Media


Categories