Tax Headlines

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Levin Pushes Ending Tax Loopholes to Avoid Sequester

Sen. Carl Levin, D-Mich., is pushing a proposal to fellow lawmakers that calls for ending corporate tax loopholes and corporate tax deductions for stock options, in addition to harsher penalties for tax evasion, as a means to raise revenue and, therefore, avoid steep cuts to the Department of Defense called for in the sequester. Levin noted that, while the top nominal corporate tax rate is 35 percent, U.S. corporations use loopholes to pay an average effective tax rate of less than 15 percent.

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Nevada ~ Miscellaneous Tax: Order Invalidating Margin Tax Initiative Reversed

In a case involving a ballot initiative that would impose a 2% margin tax on all Nevada businesses having annual revenue of more than $1 million, the Nevada Supreme Court has reversed a district court’s grant of declaratory relief invalidating the initiative and its decision to enjoin the Secretary of State from presenting the initiative to the 2013 Legislature and from placing it on the 2014 general election ballot.

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