The Senate Finance Committee discusses business tax reform this morning. The panel’s hearing at 11am will feature testimony from TPC’s Eric Toder, Tom Barthold of the Joint Committee on Taxation, Jim Hines of the University of Michigan, CPA Sanford Zinman , and Gayle Goschie of Goschie Farms.
Ron Wyden wants to reform and simplify business depreciation. The top Senate Finance Committee Democrat will release a plan today to redo tax depreciation schedules for business investment. Many Republicans want to scrap the entire system and allow firms to expense capital costs. Lawmakers continue to stake out positions in advance of a heated debate over business tax reform. Next year perhaps?
What might a federal value-added tax do to state and local budgets? Would state and local sales tax bases shrink? Or would a federal VAT boost state revenues and make more funds available for government programs? In a new research paper, TPC’s Jim Nunns and Eric Toder examine both broad- and narrow-based VATs. In some circumstances, they find that a federal VAT could improve the finances of states and localities.
Tennessee just legalized, and will tax, fantasy sports gambling. The state’s legislature just passed a bill that would exempt fantasy sports from its gambling laws. It will also levy a 6 percent “privilege tax” on revenues generated by the games. More than a half-dozen states have banned fantasy sports gambling.
Indonesia has a plan to bring offshore profits back home (and tax them). Indonesia’s government plans a tax amnesty program that could bring $42.4 billion to the nation’s shores. Officials say the move would generate $3.5 billion in new revenue, and is part of Indonesia’s overhaul of its tax system.
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