There were numerous tax initiatives on ballots across the United States this year. One of the major tax initiatives was the legalization of marijuana and its subsequent taxing in eight states during the 2016 November election. Prior to the November elections, there were 26 states and the District of Columbia who legalized the use of marijuana, whether in the form of recreational use or medical use only. Now,California, Massachusetts, Nevada and Maine have all voted to allow the use of recreational marijuana. (As of now, the margin of victory in Maine is less than 1.5%, which means there will be a recount that does not affect the taxpayers.)
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November 2016 will see an initiative on California’s ballot about the legalization of marijuana for recreational use. In 2010, it was put to ballot as Prop 19, but failed 53.5%/46.5%. Will 6 years create a big enough difference to swing majority?
The House Republicans have proposed their updates to the US tax plan, titled A Better Way. Looking at the basics, it shares many similarities with that of Donald Trump’s plan. The plan takes much from the idea that the US tax system is too complex and broken. While having the backing of the Republican Party, House Democratic leader Nancy Pelosi and AFL-CIO have openly spoken against it.
It seems obvious that the US needs a complete overhaul of the corporate tax system. As it stands, there is a 35% tax on US corporations, which essentially taxes the workers. Corporations are pretty smart at shifting their income to lower tax rate jurisdictions. This would mean that the corporation would minimize its investments in the US until they reach the same return-on-investment.
California is currently squaring up against the tobacco industry. Last month, Governor Jerry Brown signed a bill that raised the legal smoking age from 18 to 21. His state government is also in the process of banning all smoking at parks and beaches, citing the related health and wildfire risks. But perhaps more importantly, the state has a qualified initiative that would potentially raise the tobacco tax in California by $2 a pack, a tax that would include vaping and e-cigarettes.
It is nearly impossible to find a football follower on the face of the planet who doesn’t know the name Lionel Messi. Spearheading the Argentina attack for the better part of the last decade, Messi has seen his squad to the final game of the World Cup in 2014 and, more recently, a place in the Copa America semifinals. Off the field, however, Messi has drawn attention for a recent summons to the Spanish Courts for alleged tax fraud.
The Cleveland Cavaliers pulled off the impossible: coming back from 3-1 series deficit in the NBA Finals, playing two games on the road, and ultimately winning the championship. It would seem far-fetched to say that they took a massive loss on Sunday night. But that was partly the case as they ran into an exorbitant “duty days” tax, commonly known as the Jock Tax.
California tax reform is getting an update. Well, sort of.
It’s sobering that California has not seen comprehensive tax reform since the Great Depression. To think that California taxes are a byproduct of economic trends and demographics is harrowing in and of itself. But realizing that, over the past seven decades, no politician or lawmaker wanted to stick up for their state is downright disgraceful.
Today, June 16, the city of brotherly love will take the proposed Philadelphia sugar tax to a final vote. The tax would place a 1.5 cent-per-ounce added tax on sweetened beverages. If the motion is approved, Philadelphia would be only the second city in the United States to impose such a tax in attempt to increase revenue and, thus, help fund the city’s educational programs and employee benefits.
It’s not the first attempt. The Philadelphia city government has tried on multiple occasions to pass this tax. Originally, the tax was touted as a deterrent for unhealthy eating habits. With the focus now shifting to generating revenue for improving schools and building community centers, there is a greater incentive for the city to get this tax passed.
June 15, 1215. No Taxation Without Representation!
A phrase thought to belong to the US revolutionaries was actually rooted in principle in chapter 12 of the Magna Carta. Like those who revolted against England’s policy, the Baron’s believe that rampant taxation was a signature of tyrannical government.