I would expect states without an income tax to have high excise taxes, but it’s not so. Liz Malm, How Much Does Your State Collect in Excise Taxes Per Capita? (Tax Policy Blog).
Minnesota, with ridiculously high tax rates, also is the third biggest excise tax collector. South Dakota, with no income tax, is only the 26th highest.
TaxProf, The IRS Scandal, Day 842, 843, 844. There is a lot about the current administration’s approach to transparency. An administration that promised to be “the most transparent in history” resists every information request, even when there is no obvious reason to do so. It is cynical and effective. If after a long fight they finally turn over information that shows no evidence of wrongdoing, they make the investigators look silly. And when wrongdoing does come out, the administration says it’s “old news” — because they did their best to make it so.
More on this from John Hinderaker, Obama’s Stonewall Tactics: A Case Study (Powerline Blog), on the ongoing effort to determine whether administration officials illegally accessed the tax information of the Koch brothers for political reasons.
Related: Russ Fox, Sergeant Schultz to the Rescue!
Peter Reilly ponders Tax Planning For The Risk Of A Bernie Sanders Win. He makes the Vermont socialist sound moderate with this:
The funniest thing about the tax proposals is that this candidate who is as far left as you can go without getting into Green Party territory is promoting a tax package that would pretty much bring us to the second half of the Reagan administration when it comes to income and estate tax.
So Bernie Sanders favors a maximum 28% individual rate? No evidence for this in the article. In fact, his campaign, like most of them, offers little specific in the way of tax policy. What it does offer is awful — taxing offshore earnings of U.S. companies, confiscatory estate tax rates, and a financial transactions tax that will only drive trading overseas while making markets less efficient and more costly. I started tax practice in the second half of the Reagan administration, and I’m pretty sure that a Sanders administration tax system would not dramatically lower individual tax rates.
That said, Peter’s article does offer some sound tax planning tips, many of which are worth considering regardless of who wins the White House next year.
Jason Dinesen, Due Date of Iowa Partnership and Corporate Tax Returns Unchanged. The Department of Revenue says these will be Due April 30, despite federal due date changes.
Keith Fogg, Time Stands Still for Snow – Expanding Section 7503 on the Last Day to Timely Complete a Task. The issue in this case is interesting: whether a Tax Court petition is considered late if it is delivered late because the Tax Court is closed for weather. It also reinforces the importance of buying the correct delivery method when using an authorized private delivery service.
Robert Wood, Trump As Tax Code King And Hedge Fund Slayer. He’s a floor wax. He’s a dessert topping. He’s whatever you hallucinate him to be.
TaxGrrrl, Ho, Ho, Oh No! Santa’s Office Threatened With Closure Due To Tax Woes. Well, I never understood his business model.
Jack Townsend, Interest and Penalties Issues At Sentencing
Renu Zaretsky, Thirty Days Hath September: Stay tuned for tax plans to remember? The TaxVox headline wrapup talks about taxes in the election campaign and Brazil abandoning a planned financial transaction tax. Brazil is a leftist country with a soul-sucking business tax system. Even they realize a transaction tax is unwise, making them more sensible than Bernie Sanders.