Maryland Attorney General Brian Frosh is the latest official to join the coalition of high-tax, blue-state governors in New York, New Jersey and Connecticut, who are challenging the Republican tax law’s $10,000 cap on state and local tax (SALT) deduction as unconstitutional. Legal analysts—both red and blue--say that arguments claiming the $1.5 … [Read more...]
New Tax Law Amounts to Major Obstacle for US Cities
Just before Christmas, President Trump signed into law the highly controversial tax bill touted by Republicans as a win for the middle class and criticized by Democrats as an overzealous gift to large corporations and the very wealthy. Of the various provisions, perhaps the most contentious is one limiting the state and local tax (SALT) deduction … [Read more...]
GOP Tax Plan Would Give Churches Political Autonomy
This past Thursday, Republicans in the House unveiled their plan to radically alter the tax code, revealing the details of a project long kept in the dark. Major proposed changes include a reduction of the number of tax brackets from seven to five and a slashing of the corporate tax rate from 35 to 20 percent. The measure, entitled the Tax Cuts and … [Read more...]
Senators Pass Regressive Budget Resolution
On October 19th, with a 51-49 vote, the US Senate passed its second budget resolution this year – the first resolution was tied to the Obamacare repeal effort, though that effort failed to take hold. This most recent resolution outlines the 2018 Budget, a highly-contested plan to cut taxes for the wealthy while allowing the federal deficit to … [Read more...]
Different Taxes for Workers and Investors
As conservatives have taken over the legislative and executive branches of the federal government, the question of tax reform has emerged with full force. Tax reform is one of the major pillars of the conservative movement. According to Corey Robin, political scientist and commentator, it is even baked into the reasoning behind repealing the ACA, … [Read more...]
Kansas Republicans Abandon Governor Brownback’s Experiment in Conservative Governance
Kansas Republicans made an about face this week when they decided to abandon the extremely conservative tax policy that Governor Sam Brownback (R) called a “real live experiment” in unfettered trickle-down economics. The Governor attempted to veto the bill but was overridden by the state legislature, a major embarrassment for the Republican leader … [Read more...]
Legal Battle Shaping Up Surrounding IRS Inversion Rules
The practice of companies moving their corporate headquarters offshore in a bid to reduce their U.S. tax liabilities has been much discussed in political campaigns and the press lately. Companies believe that the maneuver should not result in any additional US tax burdens. But the IRS disagrees, and has put in place various tax regulations to … [Read more...]
