Taxes Legislative Alerts
Ten years ago, gross receipt taxes seemed like a dying relic of the Great Depression. At the time, Washington was last state standing with this antiquated tax on business transactions in its books. Indeed, it seemed like the states as a whole were hammering the nails in its coffin when, all of a sudden, New Jersey raised the monster from the dead in 2002 through enacting the first gross receipt tax in decades. This resurrection had a resounding effect on national tax policy, with several states following Trenton’s lead in the years hence. Today, ten states have some sort of gross receipt tax, burdening their businesses with this complicated charge that affects industries unequally and disproportionately penalizes small companies.
There’s nothing worse than experiencing the death of a loved one, but if that loved one prudently saved over their lifetime, don’t look to the federal government for sympathy. Congress is formulating plans to deal with the death tax, which is currently a 35% tax on the estates of those with more than $5 million [...]
By Jason Hughey
Yes, you read that right. Even Canada has a more business-friendly corporate tax policy than the United States. By law, Canadian businesses are required to pay 27% of their income to their provincial and federal governments, whereas in the United States, businesses are required to pay 35% of their income to the federal government. When you also include state corporate taxes, U.S. businesses are legally required to pay corporate taxes in excess of 40% (before credits and deductions). No other country in the world has such a high corporate tax rate.
Today Americans for Prosperity joined 11 additional taxpayer and free-market organizations calling on Congress to end the double-taxation of digital goods.
The bipartisan Digital Goods and Services Tax Fairness Act, S. 971, was sponsored by Senators John Thune (R-SD) and Ron Wyden (D-OR).
A copy of the letter is available below.
Indiana will soon join the ranks of 28 other states which do not impose a death tax on their residents. Governor Daniels signing of SB 293, which phases out the tax over ten years, will make Indiana a more welcoming place for entrepreneurs, small business owners, farmers, and the jobs they create.
“Indiana’s legislature has made it easier for family-owned businesses to grow their businesses and hire workers,” said Chase Downham, state director of Americans for Prosperity – Indiana. “Phasing out the state inheritance tax will attract new businesses and encourage expansion.”