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| Articles about Tax Reform |
| Tax Foundation Hosts Panel on Tax Reform in New Orleans on Thursday | | 2008-07-21 23:00:00 | | State legislators from all over the country are gathering in New Orleans this week for the NCSL conference, and the Tax Foundation will be hosting a breakfast event about creating competitive tax climates in the states. If you are in New Orleans, consider attending!Creating a Competitive Tax Climate in Your StateTax Foundation Breakfast SessionThursday, July 24, 20088:00 - 9:45 amHilton New Orleans Riverside - Windsor RoomHow tax policy can be crafted to makeyour state more competitive, bothregionally and internationallyHow your state ranks in tax burdenand business tax climateMajor issues in tax administrationand tax reformCome join these experts as they discuss their latest findings:Josh Barro (Tax Foundation) - State Business Tax Climate IndexBeth Cooley (Council on State Taxation) - Tax administration and nexus issuesJim Brandt (President, Public Affairs Research Council of Louisiana)Kevin Kane (President, Pelican Institute for Public Policy) Moderated by Scott Hodge, President, Ta | | By: Tax Policy Blog | | |
| | New Tax Foundation Study Analyzes New York Property Tax Reform Proposal | | 2008-06-10 23:00:00 | | Across the country people are upset about property taxes, and New York is no exception. In fact, New York State has some of the highest property taxes in the nation. But it looks like there might soon be some improvements to the state's property tax system. A new Tax Foundation Fiscal Fact analyzes the recommendations in a report recently issued by the New York State Commission on Property Tax Relief. The bipartisan panel was established last year by Governor Eliot Spitzer to propose solutions to rein in ballooning property taxes while maintaining the state's commitment to public education. Here's an excerpt from the Fiscal Fact, "Sound Tax Policy Coming to New York (?)," by Josh Barro:We've only preliminarily reviewed the Commission's report, but on balance it appears to contain a good set of recommendations. The proposals appear to improve an existing property tax rebate program that rewards school districts for raising taxes; provide a meaningful cap on property tax levies | | By: Tax Policy Blog | | |
| | November Election Provides Unique Opportunity for Tax Reform | | 2008-06-04 23:00:00 | | Tax Foundation President Scott Hodge recently published an article in the Heartland Institute's Budget & Tax News on the opportunity for federal tax reform during the next administration—regardless of who wins. The article outlines five basic steps to politically realistic tax reform:For the first time since 1986, the stars may be aligning for a grand bipartisan compromise on fundamental federal tax reform.Regardless of who wins in November, the next president and Congress will have to deal with the collision of two cataclysmic tax events: The 2011 expiration of the Bush tax cuts and the growing irritation of the Alternative Minimum Tax (AMT).The seeds for compromise lie in the fact that both sides have something to gain by addressing these problems at once. Naturally, Republicans want to avert the largest tax hike in history by maintaining the lower tax rates on income, capital gains, dividends, and married families with children. Meanwhile, Democrats will be brought to the | | By: Tax Policy Blog | | |
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| EuroCham experts discuss new tax reform proposals in VN | | 2008-05-18 04:05:00 | | Representatives of the European Chamber of Commerce (EuroCham) discussed the latest proposals on tax reform in Viet Nam, with a focus on the draft corporate income tax law, at a seminar held in HCM City this week.
Extensive consultations with both foreign and local businesses on the draft law as well as the draft personal income tax law are ongoing, experts said.
The two laws, now being debated | | By: Vietnam Business Finance News | | |
| | Tax Reform | | 2008-04-14 03:49:45 | |
No matter what our level of income, everybody would like to pay less taxes. Unfortunately, they are a necessary evil if we want to have things such as a national defense and sound infrastructure. At times there are those who talk about reforming our current tax system. Maybe this is something we need to do, but we must first consider if our tax system has failed us or if we have failed our tax system. Every year there are people who find ways to beat the system. The wealthy look for loopholes or move their money to offshore accounts. In an interview on NPR it was reported that the offshore accounts cost us over a trillion dollars in lost revenue. Even if tax reform was able to solve this problem, these people would find other ways to beat the system.Even those who aren't wealthy find ways to avoid paying taxes. Some people just lie when filing taxes, while others deal in cash to avoid paying taxes. I don't know if the lost revenue from all this lying and | | By: Miscellaneous Reflexions | | |
| | Tax Foundation Helps Advance Mississippi Tax Reform | | 2008-04-03 23:00:00 | | Yesterday, Tonya recapped our trip to Mississippi, where we had the opportunity to testify before the State Tax Study Commission, which was established by Governor Haley Barbour to prepare a comprehensive study of the state's tax system and recommend improvements by this coming summer.We took the opportunity to present a new paper outlining recommendations for the Commission to consider, and I must say that the Governor and the Commission were extremely engaged, asking excellent questions and showing a determination to understand the issues. Here are three pictures from our trip:Tonya with Governor Barbour, me, and Commission Chair Leland Speed:Tonya with Forest Thigpen, Commission Member and President of the Mississippi Center for Public Policy, who graciously gave us a tour of the Capitol:Tonya and I in front of the Mississippi State Capitol:We hope to continue to keep in touch with Mississippi and offer research and analysis assistance as their reform efforts progress. | | By: Tax Policy Blog | | |
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| Property Tax Reform Might Be on November Ballot in Nevada | | 2008-02-28 00:00:00 | | Nevada voters might get to weigh in on property tax changes this November if former state legislators Sharron Angle and Don Gustavson collect enough signatures to qualify an amendmet for the ballot. From Tax Analysts' State Tax Today (subscription required): In her fourth attempt to put a Proposition 13-style constitutional amendment on the November 2008 ballot, a former Nevada state lawmaker got permission on February 22 to start collecting voter signatures after a judge required union opponents to suggest language they wouldn't challenge in court. . . .Angle's proposal would cap the maximum tax that can be levied on real property at 1 percent of the base value, which is defined as the "taxable value from which the assessed value for the fiscal year 2003-2004 was calculated." County assessors would determine the base value for property not assessed in that year. Base value increases would be capped at 2 percent per year or the rate of inflation, whichever | | By: Tax Policy Blog | | |
| | Why Tax Reform Is Difficult: Realtors® President Says "Politics Is Our Business" | | 2008-01-15 00:00:00 | | If anybody ever wonders why tax reform is so difficult to accomplish, one need look no further than the website of the National Association of Realtors®, which is featuring on the front page a podcast where its president, Dick Gaylord, talks about how "politics is our business." You would think real estate is their business, but then again, the NAR's primary mission appears to be to influence policy in order to get Congress to pass friendly legislation. In a word, the NAR is what economists call a rent-seeker.It's sad that people believe that more special tax breaks are needed for housing. The Congressional Budget Office has calculated that capital income derived from owner-occupied housing has a -5.1 percent effective tax rate. That's right, a negative tax rate. In other words, the tax code is subsidizing housing.But the fact that we are over-invested in housing thanks to the tax code leads to a kind of catch-22 in terms of rhetoric because then the Realtors® and other special interests in housing (e.g. NAHB) can make claims on how housing is a vital part of the American economy, citing how many "jobs they create." And therefore, they can argue that their industry is worthy of even more subsidies and friendly policies. This is nothing new. It's the famous "what is seen versus what is not seen" problem of the political economy. They make these claims about the importance of real estate as if everyone would be homeless and the real estate agents would be begging on the street corners if not for the special tax treatment they are receiving. The fact of the matter is that more people would be renting and real estate agents would be doing something else, possibly making less as they would no longer be extracting rents from taxpayers and consumers. But that does not necessarily mean social welfare would be less. In fact, it would be higher, albeit distributed in a different (and fairer) manner. | | By: Tax Policy Blog | | |
| | Florida Considers Limited Tax Reform | | 2007-11-16 00:00:00 | | According to the Associated Press, a bipartisan reform commission has recommended junking a series of special-interest sales tax exemptions: McKay's plan is aimed at repealing exclusions for services ranging from landscaping to lawyering as well as commodity exemptions for such things as ostrich feed and skybox leases at professional sports stadiums. The committee plans to consider service exclusions at its next meeting Nov. 30. The Legislature repealed them for most services in 1987 but quickly restored them after protests, mainly from businesses.[...] McKay's plan would automatically repeal exemptions and exclusions, forcing lawmakers to re-enact those they want to keep. It's a process known as "sunsetting." The plan is a good start. Sales taxes usually only tax 40 percent or so of the "base" of goods and services, and often less. As more and more things are exempted from sales tax, that hikes the rate on everything that's left. Florida shou | | By: Tax Policy Blog | | |
| | Maryland Botching Sales Tax Reform | | 2007-11-08 00:00:00 | | The Maryland Senate's tax committee has so far rejected O'Malley's wise suggestion to expand the sales tax to health club memberships, tanning salons and massage therapists, instead choosing to tax computer service companies and landscaping companies. The Baltimore Sun has correctly excoriated the senators for political cowardice (the health club industry whined) but has not explained the proper criteria for who should and shouldn't be taxed. Here's what the Sun wrote about the sales tax debate:"Lawmakers are making decisions with far more regard to the vicissitudes of politics than to good tax policy. And unless the full Senate or House makes changes, Mr. O'Malley's goal of simultaneously eliminating the state's structural deficit and lowering taxes for most Marylanders will no longer be possible. No doubt the owners of computer service companies, landscapers and arcade operators are wondering how they ended up on the Senate's hit list. Mr. O'Malley had originally targe | | By: Tax Policy Blog | | |
| | Obama's Tax Proposals Head in Opposite Direction of Fundamental Tax Reform | | 2007-11-07 00:00:00 | | As the presidential campaign season continues, politicians on both sides of the aisle have been coming out with all sorts of proposals to use the tax code to achieve whatever social goal they want, many of which appear as if no deep thought was put into them. Politicans like to use the tax code because traditional spending to accomplish these goals would make them look like a "big spender." But if you use the tax code, you can look like a "tax cutter" by targeting some goal via tax deductions or credits at the expense of higher rates on everyone else, higher deficits, or lower traditional spending. Democratic candidate Barack Obama has been one of the leading proponents of using the tax code for all sorts of goodies that he has decided should be pursued. The latest from The Hill Newspaper:White House hopeful Sen. Barack Obama (D-Ill.) unveiled a package of tax breaks and programs Wednesday in Iowa that he said would help middle-class Americans.As part of the in | | By: Tax Policy Blog | | |
| | Florida Property Tax Reform | | 2007-10-30 17:49:43 | | It’s voters’ turn: The Florida Legislature passed property tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property, but it does not go as far as an earlier House proposal. To become law, the proposal must still receive 60 percent [...]
| | By: Orlando Real Estate | | |
| | Indiana Legislators Discovering Difficulties of Property Tax Reform | | 2007-09-04 07:00:00 | | Indiana lawmakers are finding that abolishing property taxes is much easier said than done. A panel of legislators and tax experts has been examining various options for property tax reform and having a hard time coming up with a solution that would be palatable to most taxpayers, voters, and legislators. From the (Lafayette) Journal & Courier Eliminate property taxes! Abolish property taxes! Get rid of all property taxes now!It's a public cry too loud for lawmakers to ignore. They face the ire of thousands of homeowners outraged over property tax bills that for many have skyrocketed this year.Lawmakers are listening, but they're also learning more about the magnitude of the challenge they face if they were to wipe out what is now $6.2 billion in property tax revenue for local governments—money that would have to be replaced somehow.. . ."The amount you would have to raise in sales and income taxes is just enormous," said Rep. Jeff Espich of Uniondale, the fiscal | | By: Tax Policy Blog | | |
| | Israel historic properties to surge in price on betterment tax reform | | 2007-08-17 01:12:07 | | The Tax Authority has a surprise hidden in the 2008 budget. Along with cancelling sales tax and cutting purchase tax on real estate deals, the government this week approved a hike of 'historic tax' on real estate transactions. According to the decision, betterment tax levied on historical property owners will increase by 2 percent in 2009, stretching from 14 percent on transactions involving property acquired before 1948 to 26 percent on the sale of property purchased in 1960. From 2010 on, tax will increase by 1 percent annually.
| | By: Israel real estate | | |
| | Florida Property Tax Reform Will Go Before Voters | | 2007-06-18 07:00:00 | | Property tax reform in Florida is set to face the voters next January. The legislature recently passed a two-part measure that first includes immediate relief and then puts on the ballot a significant tax reform measure for next January. From Florida Today:Now that the politicians have spoken, Florida's property tax debate is headed for a seven-month public campaign that could pit businesses, teachers and firefighters against state legislators and tax critics.The Florida Legislature passed one reform Thursday that takes effect now: providing an average 7 percent tax cut to this year's bills of all property owners and a cap on the growth of local governments.But the biggest potential payoff for resident homeowners will be decided Jan. 29, when voters statewide will be asked to send Save Our Homes on a path to oblivion and replace it with a more generous "super" homestead exemption.Florida Today also has an informative Q&A section on the topic available here.Unfortu | | By: Tax Policy Blog | | |
| | OECD Urges Tax Reform in U.S. | | 2007-05-31 07:00:00 | | The Organisation for Economic Co-operation and Development (OECD) is a collection of 30 developed countries that embrace free markets and representative democracy. Every 1-1/2 to 2 years, the OECD publishes an Economic Survey on member countries and a few non-member countries. Each report, in the words of the OECD, "identifies the main economic challenges faced by the country and analyses policy options to meet them."Earlier this week, the OECD released the Economic Survey of the United States. Chapter 3 of that report addresses tax policy, and here are some excerpts from the OECD's assessments and recommendations:On entitlement program spending:Under current law, public spending on retirement and health programmes is expected to rise toward 20% of GDP by the middle of the century; resulting soaring budget deficits would entail a government debt twice the size of GDP at that time. Raising tax rates to finance such spending would be an expensive and inefficient solution.On | | By: Tax Policy Blog | | |
| | Florida Property Tax Reform Debate Continues | | 2007-04-20 07:00:00 | | If you have followed this blog, you will know that the Sunshine State is in the midst of a huge debate on the issue of property tax reform. Proposals range from eliminating the property tax on homeowners to merely scaling back the property tax. Both would be funded by hikes in the state's general sales tax. (Florida has no individual income tax.) The most recent news from the Sun-Sentinel:The Florida Senate early Thursday approved its version of a property tax relief package that rolls back city and county taxes while providing extra tax breaks for first time homebuyers and business owners.The vote sets the stage for the House and Senate to immediately begin working out their differences over how to address a brewing property tax crisis that led hundreds of homeowners from across the state to protest outside the Capitol earlier this week.The House plan, passed Wednesday, calls for a major cut in local government property taxes and would let voters decide if they want to eliminate p | | By: Tax Policy Blog | | |
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