Reining in Tax Havens
Shortly after Bristol Myers Squibb filed to create an offshore subsidiary in Ireland, the IRS took notice. The large drug manufacturer’s actions would now allow them to attribute some of its patent rights and medications to the subsidiary, and therefore subject to a twelve and a half percent Irish corporate tax rate, which is far less than the current twenty one percent rate in the United States. Additionally, while Bristol Myers had maximized the write offs and deductions for their products in the United States, the Irish deductions would now offset the U.S. taxes.
A New Way to Tax Wealth
With Democratic control over the House, Senate, and Presidency for the first time since 2011, President Biden has been ambitious in his efforts to reinvigorate the economy, signing into law a $1.9 trillion economic aid package with plans to increase access to affordable housing and a $3 trillion investment in infrastructure. To finance their legislative agenda, Democrats have several initiatives which would mostly raise taxes for the wealthiest Americans such as Elizabeth Warren’s proposed wealth tax or increasing the maximum income tax rate back to 39.6%, as it was while President Bush was in office.
Safely Getting Back to Work
Over 40.3 million Americans have already received at least one dose of the Covid-19 vaccine with a current average of 1.67 million doses administered per day. With a falling infection rate and the vaccine rollout entering a new stage, employers are reexamining their plans to safely return to the office.
Feeling Lucky (or Manipulated)?
Sports betting is now just as easy as opening up an app and playing a game on your phone. But should it?
Of course not. Sports gambling, with the potential to waste away thousands of dollars, should feel more like gambling at a casino than making a few clicks on a phone.
The Professional and Amateur Sports Protection Act of 1992 (PASPA) effectively outlawed sports betting nationwide. However, in Murphy v. National Collegiate Athletic Association, the Supreme Court struct down PASPA, launching the phrenzy towards nationwide legalization. Sports betting is fully legal and operational in 18 states in addition to Washington D.C. with the possibility of 13 more states joining the national trend by the end of 2021.
In June 2019, Governor Pritzker signed the Sports Wagering Act into law, ushering in legal sports gambling in Illinois. The law initially required users to submit applications for sports wagering services in person. However, due to the pandemic Governor Pritzker issued several Executive Orders suspending this requirement through at least November 14. With the pandemic still in full swing, there is little reason why this suspension will not be extended again.
Flint Water Crisis: Where We Go From Here
There is poison in the water. The Flint water crisis has ravaged the city of Flint, Michigan, permanently altering how many in the community see the role of government.
On August 20th, Michigan Attorney General Dana Nessel announced a $600 million settlement between several state actors and victims of the Flint water crisis. Finally, six years after exposing residents to dangerous levels of lead in the water, the residents of Flint will receive their duly needed compensation. Unfortunately, it may be too little, too late for Flint, and there is little to prevent the crisis from repeating itself elsewhere without deliberate action.
Standardization and Cooperation Needed to Fix Crumbling Infrastructure
Northeastern Michigan was already facing a pandemic on May 19 when a breach in the Edenville dam forced 10,000 residents to flee their homes in the face of deadly floodwater. The dam failure elevates the need for state and federal regulators to standardize regulations and collaborate on their enforcement to prevent similar incidents.