WAKE UP WITH REM: Soda tax, tax reform, a reformed form, and marijuana tax

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We can't think of a clever opening paragraph this week. If you can think of one, leave it in the comments below.

Soda taxes again. Several states, including California, Pennsylvania, Oregon, Mississippi, Arizona, and Michigan, are either considering or have already adopted food and/or soda taxes. But what happens when individual municipalities have their own food taxes? [Reason.com]

Tax Reform 2.0. Rep. Kevin Brady (R-Texas), Chairman of the House Ways and Means Committee, released a two-page outline of a plan to reform the nation’s most recent tax reform. The idea is nothing new — for instance, several states have already drafted legislation to mitigate the SALT deduction cap — but it will be interesting to see Brady’s finished plan. [Bloomberg]

ICYMI: Facebook stock drops by more than the worth of the entire global cheese market. John Oliver hopes that this will inspire the return of MySpace. (Strong language warning.) [YouTube]

At last! The new, improved(?) W-4. You know that annoying form you fill out every once in a while? The one where you fill in zeroes and ones, etc., to calculate the number of withholding allowances you can claim? The IRS has revamped it, and you’ll find a few surprises. [Forbes]

New Jersey budgets $20M in medicinal marijuana revenue for FY 2019. But based on tax data from previous years, this would mean handing out more than twice the number of existing cannabis prescriptions. Unless Willie Nelson moves to the Garden State, experts warn that’s not going to happen. [NJ.com]

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The Wake-Up Call is The REM Cycle’s biweekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.