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Entries in Taxes (5)

Wednesday
Jan102018

The potential ramifications of Trump's proposed infrastructure plan

Pacific Standard

January, 10 2018

President Donald Trump took many opportunities in 2017 to rail against the state of the United States' infrastructure, most recently using the fatal Amtrak crash in Washington state to point out the country's crumbling bridges, roads, and railways. "[O]ur soon to be submitted infrastructure plan must be approved quickly," he tweeted, harkening back to his oft-repeated promise to invest $1 trillion rebuilding the country.

That plan turned into little more than a punch line this past year. But come January, the White House will begin a push, in earnest, for a national infrastructure package that gets to $1 trillion in overall investment, using $200 billion in federal "seed" money, a senior official recently told Fox News.

Trump advisers had previously described an infrastructure package that would rely on the private sector to make up the $800 billion difference. In this version, most of the $200 billion would be rewarded on a competitive basis to states and localities that promise to raise new, infrastructure-dedicated revenue on their own, for a total of $1 trillion, according to White House officials. Some portion of the $200 billion would directly fund projects in rural areas.

Wednesday
Aug232017

White House: Infrastructure Plan to Come After Congress Handles Tax Reform

AASHTO Journal

August 23, 2017 

A top aide to President Trump told reporters Aug 15 that the administration plans to first pursue a tax reform plan in Congress this autumn, then turn to the long-promised infrastructure investment plan.
Gary Cohn, director of the president's National Economic Council, said the infrastructure plan would "come on the heels" of a tax overhaul, Politico reported. "We hope it's this year," he added.
While the president and others in the administration at times this year said they were close to introducing a project investment proposal for Congress to consider, the administration has so far offered only a few details and Congress has found its agenda clogged after numerous attempts to pass health care legislation.
Cohn's remarks to reporters, made at New York's Trump Tower where the president held a press conference after signing an executive order to speed environmental reviews and permitting for planned projects, indicated that the infrastructure plan might be pushed into 2018.
According to Politico, Cohn also said:
"We need to get taxes done between now and Thanksgiving. We need to get infrastructure going. As soon [as] tax comes out of the House and goes to the Senate, we'll put infrastructure in the House."
During the press conference, Trump was asked why he thinks he can get an infrastructure bill through Congress.
"Infrastructure is something that I think we'll have bipartisan support on," Trump said. "I actually think Democrats will go along with the infrastructure."
Thursday
Jun082017

Business coalition will not seek road-tax hike from voters in 2017

Denver Business Journal

June 8, 2017

Transportation advocates will not ask voters to raise taxes for roads and transit this year, but will keep their business-centric coalition together with an eye on putting a proposed funding measure on the 2018 Colorado ballot.

Tony Milo, executive director of the Colorado Contractors Association, said the decision came down to two primary factors.

First, the ballot initiatives that have received title approval for the 2017 ballot did not contemplate the late-session passage by the Legislature of Senate Bill 267, which directed $1.88 billion to transportation. Second, the coalition put most of its efforts into trying to pass a failed legislative bill that would have directed such a sales-tax increase to the ballot, and they were too far behind on getting signatures needed to qualify for this election.

Gov. John Hickenlooper signed SB 267 on May 30.

“We are staying together, we are continuing to do public education and we are setting our sights toward 2018,” Milo said Wednesday.

Read on...

Tuesday
May022017

Trump Open to Raising Gas Tax, Says Truckers Back Higher Price for Highways

Transport Topics

May 2, 2017

President Donald Trump said he’s willing to raise the U.S. gas tax to fund infrastructure development and called the tax-overhaul plan he released last week the beginning of negotiations.

“It’s something that I would certainly consider,” Trump said May 1 in an interview with Bloomberg News in the Oval Office, describing the idea as supported by truckers “if we earmarked money toward the highways.”

Trump released a tax plan April 26 that would cut the maximum corporate tax rate to 15% from the current 35%. The same reduced rate would apply to partnerships and other “pass-through” businesses

He said he is willing to lose provisions of his tax plan in negotiations with Congress but refused to specify which parts. He also repeated his call for a “reciprocal tax,” which would be aimed at imposing levies on imports to match the rates that each country charges on U.S. exports.

Read on...

Tuesday
Oct082013

Unconventional Oil and Natural Gas Production Tax Rates: How Does Oklahoma Compare to Peers?

Headwater Economics in Conjunction with Oklahoma Policy Institute

August 2013

This report compares Oklahoma’s oil and natural gas tax policies to other leading oil and natural gas producing states. Oil comparison states are Colorado, Montana, New Mexico, North Dakota, Texas, and Wyoming. Natural gas comparison states are Arkansas, Louisiana, New Mexico, Pennsylvania, Texas and Wyoming.

Analysis applies state tax policies to average production data for typical unconventional oil and natural gas wells to determine comparable effective tax rates. Both unconventional oil and natural gas wells typically feature high initial rates of production that decline steeply and quickly, and eventually stabilize at relatively low levels. The respective production profiles for unconventional oil and natural gas wells are consistent enough across shale plays to offer a sound basis for comparing how states tax policies raise revenue from these new resources.