Is Apple underpaying taxes in China?
Jeb Bush backers say his tax plan could cost up to $3.4 trillion over ten years.听As TPC鈥檚 Bill, 鈥淏ush鈥檚 plan is a welcome addition to the policy debate.听It is rare to see a candidate propose to eliminate or curtail provisions for state and local taxes, business interest payments, carried interest, a capital gains loophole, and mortgage interest. But revenue-losing, regressive tax change is not what the country needs.鈥� TPC鈥檚 Howard Gleckman has a听听at those revenue estimates.
Will Ryan introduce an international tax bill this year?听Maybe not, the Ways & Means Committee chair told听笔辞濒颈迟颈肠辞笔谤辞鈥檚听Brian Faler. Ryan faces an uphill battle in his efforts to link a plan with funding for the Highway Trust Fund. Meanwhile, committee member Charles Boustany says he鈥檚 revising his innovation box idea that would cut taxes on income from intellectual property.
Chicago faces a legal challenge to its 鈥淣etflix tax.鈥�听The Liberty Justice Center says the city has听听its amusement and personal property lease transaction taxes. The two levies now cover, respectively, streaming internet and professional services such as electronic property databases. The lawsuit claims city aldermen should have voted on the changes. It also argues the taxes violate the federal Internet Tax Freedom Act, as some Internet-based streaming media are taxed at a higher rate than similar non-Internet services.
China to Apple subsidiary: You underpaid taxes by $71 million in 2013.听China鈥檚 Finance Ministry says听听as well as 65 million yuan in late fees. China has been cracking down on foreign firms that it says underpay taxes.
Finland fights deficits by taxing richer Finns.听The nation鈥檚 public debt-to-GDP ratio will exceed 60 percent this year, and Prime Minister Juha Sipila wants to听听on Finns earning more than 72,300 euro ($81,500) a year. He鈥檒l also give government workers a pay cut equivalent to one week鈥檚 salary, and raise taxes on housing, some fuels, and tobacco. Sipila also plans for spending cuts of 4 billion euros ($4.5 billion) by 2019.
Next week at Urban Institute: The State of the States.听On Thursday, September 17, TPC and the State and Local Finance Initiative will host a forum examining how tax and budget pressures affect the way state and local governments make spending decisions. Panelists include Joseph Henchman of the Tax Foundation, Nick Johnson of the Center on Budget and Policy Priorities, Ryan King of the Urban Institute鈥檚 Justice Policy Center, David Quam of the听National Governors Association, and Kim Rueben of the State and Local Fiscal Initiative. TPC鈥檚 Howard Gleckman will moderate. To learn more and register,听.
Interested in subscribing to the Daily Deduction, the Urban-Brookings Tax Policy Center summary of the day鈥檚 tax news?听听to get the Daily Deduction delivered to your inbox every morning. If you鈥檇 like to tell us about a new research paper or have any comments about our feature, write us at dailydeduction 鈥渁t鈥�听taxpolicycenter 鈥渄ot鈥�听org.
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