What to Know New Jersey Democratic Gov. Phil Murphy signed a $56.6 billion budget that hikes taxes on high-earning corporations. Lawmakers on Friday sent the measure to Murphy, who signed it shortly before midnight. They were two days ahead of their constitutionally set deadline to enact a balanced budget, avoiding a government shutdown. For taxpayers, … Read more
TRENTON, N.J. — New Jersey’s Democrat-led Legislature passed a $56.6 billion budget on Friday that hikes taxes on high-earning corporations, sending the measure to Gov. Phil Murphy, who’s expected to sign it. Lawmakers were two days ahead of their constitutionally set deadline to enact a balanced budget, avoiding a government shutdown. For taxpayers, the spending … Read more
Last summer, I wrote two columns about a peculiar tax case that the Supreme Court decided to hear. Although the amount of tax involved in the case was less than $15,000, ruling in the taxpayer’s favor could have fundamentally gutted the Internal Revenue Code. A major part of the 2017 Tax Cuts and Jobs Act … Read more
“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and money laundering through the financial system. Send feedback or items for future newsletters to Thomas Georges at tgeorges@thefactcoalition.org Here is the State of Play FACT Calls on Congress to … Read more
June 20, 2024 Click for PDF Moore v. United States, No. 22-800 – Decided June 20, 2024 Today, in a case widely seen as a test of Congress’s ability to enact wealth taxes, the Supreme Court held narrowly that Congress did not violate the Sixteenth Amendment by requiring U.S. shareholders to pay a one-time tax on … Read more
Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
In Moore v. United States, the U.S. Supreme Court rejected a constitutional challenge to the Mandatory Repatriation Tax (MRT), holding that the MRT does tax income — the realized earnings of foreign corporations — and thus is a constitutionally permissible income tax authorized by the Sixteenth Amendment. The MRT is a “one-time, backward-looking” tax in … Read more
June 20, 2024 June 20, 2024 Today, seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the Court had agreed with the plaintiffs in the case — as well as … Read more
The Supreme Court on Thursday rejected a challenge to the constitutionality of taxation on foreign income in a case backed by business and anti-regulatory interests who said the provision was similar to a “wealth tax.” The 7-2 decision by Justice Brett Kavanaugh upheld the mandatory repatriation tax, siding with the Biden administration to uphold the provision of the 2017 … Read more
