“I don’t think anybody cares” about my tax returns, says Donald Trump. The GOP nominee doesn’t think anybody wants the information in his tax returns, except “some members of the press.” He also says he’s provided the “most extensive financial review of anybody in the history of politics.” Turns out that three-quarters of likely voters, and nearly two-thirds of Republicans, want to see Trump’s returns. TPC’s Steve Rosenthal explained why we really should get a look before the election.
No income tax cut for Massachusetts next year. For the first time in three years, the state’s taxpayers won’t see a rate cut in 2017. That’s because tax collections failed to meet the benchmark needed to trigger an automatic cut from 5.1 to 5.05 percent. Massachusetts had to revise downward its projected growth in tax revenues for the current fiscal year.
What hits the wallet more? The federal income tax or the payroll tax? TPC’s Bob Williams explains that “in terms of how much tax they pay… [Americans] should worry more about the payroll taxes their employers withhold from every paycheck. New TPC analysis shows that almost two-thirds of households will pay more payroll tax than income tax, while only one in five will pay more income tax.
Will Germany see a tax cut next fall? German Finance Minister Wolfgang Schaeuble says it could. In spite of increased spending on migrants, the nation could cut its taxes by about €15 billion after its federal election in September 2017. Germany's budget surplus could hit a new record of €278 billion ($310 billion) this year, but concerns over a slowing economy could encourage lawmakers to cut taxes.
Obama talked (a little) about taxes at the G20 Summit. Obama raised the issue of tax avoidance with leaders from the world's 20 biggest economies at the summit in China this past weekend. He said that the United States had to “move in concert” with other countries on tax avoidance, as some US allies were "racing to the bottom" with their tax policies. The Obama Administration and many in Congress have raised concerns that the European Union is treating US-based multinationals as a fiscal piggy-bank. See EU v. Apple.
But the Slovak presidency of the European Union has a plan, too. EU countries should coordinate their tax rules so as not to hit corporations too hard, according to a proposal offered by Slovak representatives to the European Union. Slovakia currently holds the group’s rotating presidency. EU finance ministers will talk about the idea at an informal meeting later this week. It aims to reduce the threat of double taxation for multinational companies and make corporate taxes more predictable.
Interested in subscribing to the Daily Deduction, the Urban-Brookings Tax Policy Center summary of the day’s tax news? Sign-up here to get the Daily Deduction delivered to your inbox every morning. If you’d like to tell us about a new research paper or have any comments about our feature, write us at dailydeduction “at” taxpolicycenter “dot” org.
