"à la guerre comme à la guerre.” The French government says the European Union will retaliate if President Trump makes good on his threat to impose steep tariffs on French products—as much as 100 percent on about $2.4 billion in imported goods like wine, cheese, and designer clothes. Trump issued his threat in response to France’s digital tax.
“Don’t know why there’s no sun up in the sky.” The Solar Energy Industries Association, representing a $28 billion US industry, reports that the 2018 US tariffs on solar imports have cost over 62,000 jobs and nearly $19 billion in new US investment. The industry imports 80 percent of its solar panel products, largely from China. The US imposes a 25 percent tariff on all imported solar photovoltaic cells and modules.
“You say yes. I say no.” The US Court of Appeals for the 2nd Circuit ruled yesterday that House Democrats can access President Trump’s private financial records from Deutsche Bank and Capital One. Trump’s personal attorneys sued to block subpoenas from House committees but the appeals court ruled 2-1 for Congress: Lawmakers’ “interests in pursuing their constitutional legislative function is a far more significant public interest than whatever public interest inheres in avoiding the risk of a Chief Executive’s distraction arising from disclosure of documents reflecting his private financial transactions.” Trump attorney Jay Sekulow says the president may appeal to the US Supreme Court, as he has with similar cases.
“Here in my car, I feel safest of all.” Just not from taxes in Illinois. Starting January 1, Illinois will begin levying a 9 percent tax on parking spaces that are rented by the month or year. The state wants to help pay for a $45 billion construction plan. But the tax, expected to generate $60 million annually, might be too broad and therefore difficult to enforce—especially among annual parking space entrepreneurs near the Illinois State Fairgrounds. Dozens of Illinois residents may have to collect and pay the parking tax if the charge for three or more parking spaces on their private property. A state lawmaker has proposed a review of the law.
“Don't pay the ferryman until he gets you to the other side.” TPC’s Gene Steuerle reflects on the status of government trust funds that pay for programs such as Medicare and Social Security, highways, airports, military and federal civilian retirees, and unemployment insurance. Lawmakers, Steuerle explains, tend to abandon necessary fiscal discipline when they manage the funds. The Bipartisan Trust Act would create commissions to recommend changes whenever a trust fund approaches insolvency and can’t pay its bills. “If it becomes law,” Steuerle concludes, “one can only hope that its reforms establish new standards for trust fund financing,” and not require future taxpayers to pay even higher taxes for obligations incurred today.
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