By Leah Vukmir and Jess Ward | National Taxpayers Union
As Wisconsin lawmakers gear up for a new session in January, the onerous process of seeking measures to solve budget shortfalls will begin. As they build the fiscal 2021-23 budget, they must avoid implementing any cash grabs or bad policy, either of which would stifle a much needed economic recovery. Â
A prime example of a misguided policy proposal that has unfortunately gained some traction in other parts of the country is the digital advertising tax. Such a policy would create a digital advertising gross receipts tax imposed on a company s annual gross revenue in the state. Successful companies that already generate sales, corporate and individual income taxes would be taxed again â not on their net profits, but their gross receipts. The tax â a percentage typically determined depending on a company s total global revenues â would define digital advertising to include banner ads, search engin
Homeland Security and Governmental Affairs Committee Chairman Ron Johnson (R-WI) and Ranking Member Gary Peters (D-MI), as well as Senators James Lankford (R-OK), Maggie Hassan (D-NH), Kyrsten Sinema (D-AZ), Chuck Grassley (R-IA), David Perdue (R-GA), Kelly Loeffler (R-GA) and Mike Braun (R-IN) also cosponsored the CFO Vision Act. The Data Coalition, Citizens Against Government Waste, the Project on Government Oversight, National Taxpayers Union, Truth in Accounting, R Street Institute, Taxpayers for Common Sense, Americans for Prosperity, Government Accountability Project and Grant Thornton, among others, have endorsed the legislation.
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Joseph R. Biden is sending strong signals that he won't immediately try to tear down all of President Trump's moves on trade, an area where Mr. Trump upended traditional party alliances and attitudes.