Global Scans · Tax · Weekly Summary

• [New] President Trump threatened in a social media post to supersede existing trade deals by imposing 100% tariffs on European nations if they pursue digital services taxes on U.S. tech companies. National Law Review
• [New] The California Legislature today approved the 2026-27 state budget and accompanying health budget trailer bill, which includes a $1.5 billion tax increase that will ultimately be passed on to consumers through higher health insurance premiums - as high as $400 more a year for a family of four. cmadocs
• [New] Forbes California's wealth tax proposal will likely be felt well beyond the small group of ultra-rich targets, with potential costs and risks borne by ordinary Californians as well. Family Enterprise USA
• [New] The interest in increasing taxes will push wealthy individuals and corporations away from New York and toward cities like Miami, Dallas, and Nashville. Home & Away
• [New] The USDA Regenerative Feedstock Rule will ensure that the 45 Z biofuel tax credit will not only benefit biofuel producers. TheFencePost.com
• [New] The U.S. federal EV tax credit provides up to USD7,500 for qualifying new plug-in electric vehicles through 2032. Polaris
• [New] By automatically increasing gas taxes each year, Washington policymakers are ensuring voters will pay even more without the normal public accountability or public debate for a tax increase. ClarkCountyToday.com
• [New] Connecticut will expand its tax-free week offered each August to include clothing and shoes up to $300. CT News Junkie
• [New] The US could cut tax breaks on some assets, like life insurance, and on transfers to close relatives. The Guardian
• [New] Hawaii joined the race to the top of state income tax rates, and a new Bloomberg Economics analysis warns that UK wealth tax proposals risk undermining growth for little additional revenue-underscoring the global tension between taxing the wealthy and retaining the tax base. Family Enterprise USA
• [New] Donald Trump has threatened to place a 100% import tariff on any European country that imposes a tax on digital services from US companies. The Guardian
• [New] Social Europe The answer to the excesses of an Elon Musk-style oligarchy is a sweeping left-wing populism that will tax the rich, break up corporations, and expand government power to redistribute wealth. Shaping Tomorrow
• [New] One area of concern is the possible introduction of an exit tax, which could impose upfront capital gains tax on entrepreneurs leaving the UK. CPA | The Credit Protection Association
• [New] Banks' projections, as reflected in their funding plans, expect a slight increase in costs that will amount to 22.7% of total equity in 2026, mainly driven by a progression of other expenses, including tax and income from discontinued operations. European Banking Authority
• [New] Another 100 billion yen will be utilized as tax allocation grants that local governments can freely use, such as to subsidize fees for propane gas often used in rural areas. The Asahi Shimbun
• [New] Turkey halts BYD tax break, warns of clawback if it misses $1bn plan Turkey suspended BYD's import tax exemptions after limited progress on its planned $1 billion Manisa EV factory. International Organization of Motor Vehicle Manufacture
• [New] Financing climate investments through a wealth tax on the top 1% would decrease wealth inequality (they would then own an estimated quarter of all wealth by 2050) while addressing the unequal burden of climate damages on lower income communities. Nature
• [New] Both fiscal contraction and tax increases could reduce the competitiveness of the New York City economy, lowering, over time, the tax base below current projections. Office of the New York City Comptroller Mark Levine
• [New] There's the potential for a global minimum tax that could have an adverse effect on equity pricing. Novogradac
• The UK's more comprehensive tax laws for international players mean the Halle tournament, which had seven of the top 11 players this week, will hold an advantage over London for years to come. The Guardian

Last updated: 06 July 2026