Find Out the Latest Trends in Tax

What’s shaping the Tax industry in 2016?

 

Comparing the 2016 Presidential Candidates’ tax reform proposals

The 2016 Presidential Campaign has surfaced many different issues for Americans. Our tax policy is a hot topic for many of the debates. Are you up to date on the many different proposals the candidates are promising? An updated chart can be seen by clicking here: http://taxfoundation.org/comparing-2016-presidential-tax-reform-proposals

 

Internet Tax Freedom Act, Stop and Go

Enacted originally in 1998, ITFA allows consumer protection from taxes based on internet access as well as discriminatory taxes on e-commerce.  While the US House passed a permanent ITFA extension bill in June 2015, the Senate failed to act on the bill.  Another short-term extension was enacted on December 18, resulting in an ITFA extension yet again without any resulting changes through October 2016.  On February 11, 2016, the US Senate passed legislation resulting in a permanent ban on taxation of internet access by the states.  The legislation is being sent to President Obama for signing into law.

http://www.reuters.com/article/us-usa-congress-internet-idUSKCN0VK27F

 

Tax Foundation’s 2015 Outstanding Achievement in State Tax Reform Awards

Each year, the Tax Foundation honors state legislators, governors, and other individuals with our Outstanding Achievement in State Tax Reform award. See who´s been awarded this year:

http://taxfoundation.org/blog/2015-outstanding-achievement-state-tax-reform-awards

 

Tampon tax or not

Two members of California’s state assembly are trying to give residents a tax break with a bill that would exempt tampons and sanitary napkins from the state’s sales tax. There’s precedent for this idea. Most sales taxes, including California’s, exempt various necessities. Legislators have done this to shield lower-income consumers from tax on the things they must buy in daily life, such as food. While 45 states collect a sales tax, only 13 of them charge it on groceries. Only one state, Illinois, charges sales tax on prescription drugs. Five states have already created tax exemptions for tampons. One state, Pennsylvania, threw in a tax break for toilet paper and diapers, reasoning that these items are necessities.

http://www.nytimes.com/2016/01/07/upshot/the-latest-sales-tax-controversy-tampons.html