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HBCU Bonds Bill Encouraging State and Local Government Non Taxation

10/31/2016

The end of every Congress brings a plethora of new bills introduced for the purpose of political impact and symbolism not the serious intent that they become law. HR 6048 was introduced by several African-American members of Congress. It appears that it would prohibit state and local governments from taxing bonds for historically black colleges and universities and would provide these governments with substitute federal funding.

Interestingly, the legislation was drafted to amend the securities laws as well as the tax laws. I assume this legislation will be reintroduced next year. If you are interested in our association engaging on this legislation in some way, please let Martin Walke or me know.

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Wyden Seeks Tax Overhaul if Democrats Win Senate By Alan K. Ota, CQ Roll Call

10/12/2016

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CQ News
Oct. 12, 2016

Wyden, foreground, was Finance chair in 2014. (Bill Clark/CQ Roll Call) Sen. Ron Wyden says scrutiny of Donald Trump's personal income taxes could help build consensus for a tax overhaul early next Congress - one of his top priorities as Finance chairman if Democrats win back the Senate majority in the elections.

The Oregon Democrat told CQ Roll Call that the flap over Trump's refusal to release his tax returns and his use of write-offs for large business losses could help drive the debate for the tax committee next year.

"The events of the last month have shown how broken the American tax code is," Wyden said in an interview Tuesday. "It shows that the complexity of all this is hugely helpful to the powerful special interests. So, we've got a new argument for simplicity and clarity."

Trump acknowledged during the presidential debate Sunday that he used a $916 million loss that he reported on his 1995 tax returns to avoid paying federal income taxes. His comment came after The New York Times reported the nearly billion-dollar loss could have been large enough for the real estate developer to avoid paying federal income taxes for up to 18 years.

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ML Strategies Election Forecast

10/10/2016

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As a follow up to both the cover article in last month's newsletter and the panel discussion at the Fall Conference, please see the Election Forecast prepared by ML Strategies.

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HBCU Bonds Bill Encouraging State and Local Government Non Taxation

Wyden Seeks Tax Overhaul if Democrats Win Senate By Alan K. Ota, CQ Roll Call

ML Strategies Election Forecast

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