While the Republicans have struggled to win the presidency in the last few election cycles, the party has made impressive gains elsewhere. In fact, the GOP could set a record this fall by holding more than 32 governors' mansions at the same time. There are 31 Republican governors, and the races look set up to allow the party to add two or three more on Election Day. If they do, the tax outlook in those states will change dramatically.
Tax Analysts Blog
This isn’t the first time I’ve written about this, and it won’t be the last. Part and parcel of maintaining a transparent tax system is having a press that can report on important issues and the actions of the government. Reporters can’t do that without sources willing to speak on the record and without access to events where government officials are speaking.
In case you missed it, U.S.-based Terex Corp. has substantially altered its proposed merger with Finland’s Konecranes PLC. The original all-stock deal would have resulted in current Terex shareholders acquiring roughly 60 percent of the newly formed firm, which would have been based overseas. Instead, the two companies are now eyeing a much smaller cash and stock transaction that would be limited to an acquisition of two of Konecranes’ business units. Terex’s explanation for the change of plans is straightforward: The anticipated tax benefits are no longer available.
Mississippi Gov. Phil Bryant (R) recently signed what people are calling the largest tax cut in state history. The cuts will total about $415 million over the next 12 years. That's a lot, considering Mississippi's overall budget. One aspect of the measure (SB 2858) is good from a tax policy perspective: the phaseout of the state's corporate franchise tax.
Given the economic and political stakes, here is one question that Americans should want Donald Trump to answer: If elected, will he exercise the nuclear option and blow up Europe?
Donald Trump likes to compare himself to Ronald Reagan, especially when trying to explain how a former Democrat finds himself at the top of the GOP ticket. But Reagan and Trump have something else in common, too: The Gipper, just like The Donald, wanted to keep his tax returns private.
Let's be honest. Most people don't. In fact, most people don't think about taxes beyond complaining about them once in a while.
Australia's 2016 election is underway. On July 2 voters will determine whether to change prime ministers for the fifth time since 2010 or to return Malcolm Turnbull's Liberal government to a full term. Because of a radical Labor proposal on negative gearing and the Liberals pushing for a major corporate tax cut, tax policy is likely to play a major (if not deciding) role in the race.
When U.S. politicians like Bernie Sanders propose to expand Americans’ access to healthcare and higher education, they are met with the reflexive criticism that the U.S. should not aspire to be like Europe, citing (among other things) the high taxes that Europeans pay for these services. While Americans may disagree about whether the Danes and the Dutch are getting their money’s worth, they cannot disagree about the level of civility that many European elected officials display as they go about doing the people’s business, and the level of engagement of the citizens they represent.
The number of passthrough entities (which includes partnerships, limited liability companies, and S corporations) has been on the rise for the last 30 years. And along with the increase in the number of passthrough entities has been a decrease in the number of C corporations. According to the Tax Foundation, passthrough businesses now account for 94 percent of all businesses in the United States.