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.
Ridiculous Olympic Tax Break Would Complicate the Tax Code
As thousands of athletes compete in the Rio Olympics later this week, U.S. lawmakers appear to be competing for the most ridiculous legislative tax proposals. One gold medal contender is Sen. Chuck Schumer (D-NY), whose proposed plan to make cash prizes won by Olympic athletes exempt from the federal income tax. Read our take here.
Fiscal Policy Shake-up Comes to Energy States
The sharp decline in oil and other energy prices in recent years has saved consumers hundreds of dollars annually at the pump but also has left states that rely on energy-sector revenue clamoring to come up with policy ideas to make up for lost revenue. Here's Aidan's full piece.
Microsoft's $39 Billion Tax Holiday Continues--But Ratings Agency Cries Foul
Stern warnings from credit rating agencies are generally not shrugged off lightly. Yet Microsoft has a straightforward, if crass, reason for ignoring Moody’s advice: tax avoidance. Matt's analysis is here.
Treasury Regs Aim at Ending an Estate Tax Dodge for the Very, Very Wealthy
Earlier this week, the U.S. Treasury Department proposed new regulations designed to prevent wealthy business owners from avoiding estate tax liability by artificially undervaluing their assets. Since congressional action does not appear to be forthcoming, Treasury’s draft regulations are an important step in preserving the estate tax. What you need to know about the new regs.
State Rundown: Looming Revenue Shortfalls and Short-Sighted Tax Reform Talk
This week’s Rundown features a reiterated commitment to no new taxes in New Mexico, talk of a special revenue session in Oklahoma, tax debates in Mississippi, and a looming budget shortfall in Missouri. Read the Rundown here.
If you have any feedback on the Digest or tax stories you’re watching that we should check out too please email me firstname.lastname@example.org
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