December Budget & Tax News:Congress Considers Tax Cuts and Jobs Act

The December issue of Budget & Tax News reports on the Tax Cuts and Jobs Act, a bill proposing to reduce the number of personal income tax brackets from seven to four, cut taxes by approximately $1.51 trillion over the next ten years, exempt more estates from the death tax and then repeal it altogether, and make other changes to the federal tax code. Dan Pilla, one of the country's premier tax experts and a policy advisor to The Heartland Institute, said the proposed cut in the corporate tax rate would make the United States an attractive place for businesses to come, build, produce, and establish infrastructure.

That would be a good thing, no doubt about that.

Also in this issue:

• After an earlier ballot campaign to repeal a big gas tax hike in California stalled, another group of taxpayers is about to begin collecting signatures for a similar ballot question.
• Despite ample evidence of Internal Revenue Service harassment of nonprofit political organizations, the U.S. Department of Justice declined to charge Lois Lerner with federal crimes.
• Kentucky state government workers are fighting proposed reforms intended to keep their public pension plans' promises.
• A new law in Pennsylvania will give some patients a chance to use drugs awaiting final FDA approval.
• Fayetteville, North Carolina taxpayers will soon be on the hook for a new baseball stadium and lawmakers say it's a good investment, though economists say they never pay off.
• A new book examines the legacy of Alexander Hamilton, characterizing one of the nation's beloved Founding Fathers as an originator of big government.