Voters’ concerns about the national debt are rising. The newly released Peter G. Peterson Foundation survey finds that 78 percent of respondents agreed that addressing the debt should be one of the top three priorities for Congress and the president. That’s up five percentage points since March. “Voters understand that we are on a dangerous fiscal path that threatens our future,” said foundation president Michael A. Peterson.
“What’s the matter with Kansas?” In the wake of the Tax Cuts and Jobs Act, state lawmakers will soon vote on a tax cut, barely a year after the state legislature ended former Governor Sam Brownback’s tax cut experiment. Under the bill, the state would increase its standard deduction from $3,000 to $3,750 for single filers, from $5,500 to $6,875 for heads of household, and from $7,500 to $9,375 for couples filing jointly. The bill also will allow taxpayers to itemize deductions on their state returns even if they don't itemize their federal deductions. The plan would cut Kansas tax revenue by about $141 million.
The TCJA has helped craft beer distillers. The New York Times reports on how much money craft breweries are investing in themselves. The distillers can thank the Craft Beverage Modernization and Tax Reform Act, added at the last minute to the TCJA. The provision lowers by 80 percent the federal excise tax that producers pay, down from $13.50 to $2.70 per proof gallon produced or imported annually. “It’s a windfall for every single distiller,” said Lance Winters, master distiller of St. George Spirits. Cheers!
The European Court of Justice will hear Ireland’s and Apple’s appeal of €13 billion tax bill in the fall. The European Commission ruled in 2016 that Ireland had given Apple unfair tax incentives, and ordered Ireland to collect up to €15 billion in back taxes and interest. The parties have agreed to a process for settling the dispute. But Ireland’s finance minister Paschal Donohoe says, “How long the hearings will last will depend on the judges overseeing it and could be open to either party after that to take any further actions."
More from Ireland: A sugar tax gets the okay. The European Commission approved Ireland’s plan to tax sugary drinks. “The measure’s scope and design are consistent with the health objectives pursued by Ireland, namely tackling obesity and other sugar related diseases,” the Commission said.
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