How Accounting Giants Craft Favorable Tax Rules From Inside Government

Lawyers from top accounting firms do brief stints in the Treasury Department, with the expectation of big raises when they return.

#accounting-and-accountants, #corporate-taxes, #deloitte-touche-tohmatsu-ltd, #ernstyoung, #ethics-and-official-misconduct, #federal-taxes-us, #internal-revenue-service, #kpmg, #lobbying-and-lobbyists, #pricewaterhousecoopers, #regulation-and-deregulation-of-industry, #rsm, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government

House Bill Raises Chance for Global Pact to Curb Corporate Tax Havens

Several big details remain to be worked out before an international October deadline.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #house-committee-on-ways-and-means, #law-and-legislation, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

How House Democrats Plan to Raise $2.9 Trillion for a Safety Net

Details of the legislation show higher taxes for companies and the wealthy, but key elements differ from the Senate and White House proposals.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #united-states-politics-and-government

House Democrats Outline Tax Increases for Wealthy Businesses and Individuals

The draft proposal includes raising the corporate tax rate to 26.5 percent for the richest businesses to help pay for President Biden’s sweeping expansion of the social safety net.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #democratic-party, #federal-taxes-us, #house-committee-on-ways-and-means, #income-tax, #law-and-legislation, #taxation, #united-states-politics-and-government

In Social Policy Bill, Businesses See a Lot to Like. They Oppose It.

Resistance to tax increases outweighs the appeal of a $3.5 trillion measure containing child care credits and other items that corporations embrace.

#american-families-plan-2021, #business-roundtable, #corporate-taxes, #federal-taxes-us, #income-inequality, #tax-cuts-and-jobs-act-2017, #united-states-chamber-of-commerce, #united-states-economy, #united-states-politics-and-government

Democrats Eye Taxing Stock Buybacks and Partnerships

Senate Democrats say a 2 percent tax on the money companies use to buy back stocks and tightened rules around taxing partnerships would raise $270 billion for their $3.5 trillion social policy bill.

#brown-sherrod, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #stock-buybacks, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Democrats and Lobbyists Gird for Battle Over Far-Reaching Tax Increases

Congressional committees this week begin drafting tax increases on the wealthy and corporations to pay for a $3.5 trillion social policy bill, but the targets are putting up a fight.

#biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-budget-us, #federal-taxes-us, #heitkamp-heidi, #high-net-worth-individuals, #house-committee-on-ways-and-means, #income-inequality, #income-tax, #inheritance-and-estate-taxes, #law-and-legislation, #lobbying-and-lobbyists, #senate-committee-on-finance, #tax-shelters, #taxation, #united-states-chamber-of-commerce, #united-states-politics-and-government, #wyden-ron

Corporate America Is Lobbying for Climate Disaster

It wants to prioritize low taxes over the fate of civilization.

#biden-joseph-r-jr, #corporate-taxes, #global-warming, #greenhouse-gas-emissions, #lobbying-and-lobbyists, #republican-party, #united-states-politics-and-government

N.Y. Prosecutors Weigh Charges Against Another Trump Executive

Matthew Calamari, the chief operating officer at the Trump Organization, is under scrutiny. His son testified before a grand jury Thursday.

#corporate-taxes, #crime-and-criminals, #district-attorneys, #federal-taxes-us, #immunity-from-prosecution, #matthew-calamari-jr, #matthew-calamari-sr, #mcconney-jeffrey-1955, #tax-evasion, #trump-organization, #trump-donald-j, #vance-cyrus-r-jr, #weisselberg-allen

Senate Passes $3.5 Trillion Budget Plan, Advancing Sweeping Safety Net Expansion

The blueprint, which would expand Medicaid, provide free preschool and community college, and fund climate change programs, passed along party lines and faces an arduous path ahead.

#american-jobs-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-budget-us, #global-warming, #law-and-legislation, #republican-party, #senate, #taxation, #united-states-economy, #united-states-politics-and-government

Global Tax Overhaul Gains Steam as G20 Backs New Levies

The approach marks a reversal of years of economic policies that embraced low taxes as a way for countries to attract investment and fuel growth.

#corporate-taxes, #corporations, #europe, #european-union, #federal-taxes-us, #foreign-investments, #group-of-twenty, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Finance Ministers Meet in Venice to Finalize Global Tax Agreement

The G20 gathering begins a crucial stretch in yearslong negotiations.

#amazon-com-inc, #biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #international-trade-and-world-market, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #venice-italy, #yellen-janet-l

Trump Organization Indictment: What We Know

Charges against the former president’s company and a top executive, explained.

#corporate-taxes, #frauds-and-swindling, #income-tax, #james-letitia, #manhattan-nyc, #tax-evasion, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

U.S. Proposal for Global Minimum Tax Gets Backing From 130 Countries

A 15 percent minimum tax rate would generate $150 billion in additional tax revenue each year, the Organization for Economic Cooperation and Development said.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #organization-for-economic-cooperation-and-development

Top Trump Executive Allen Weisselberg Surrenders to Face Charges

The Trump Organization and Mr. Weisselberg have been indicted in connection with a tax investigation and are expected to appear in court later Thursday.

#corporate-taxes, #federal-taxes-us, #income-tax, #manhattan-nyc, #payroll-tax, #tax-evasion, #taxation, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

Weisselberg, ‘Soldier’ for Trump, Faces Charges and Test of His Loyalty

The Trump Organization executive is expected to be charged on Thursday, along with the company, as he comes under increasing pressure to turn on the family.

#accounting-and-accountants, #corporate-taxes, #federal-taxes-us, #florida, #income-tax, #james-letitia, #new-york-city, #real-estate-and-housing-residential, #taxation, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

Trump Organization Lawyers Meet With Manhattan Prosecutors

An indictment against the business, the Trump Organization, and a top executive, Allen Weisselberg, could come as soon as this week in Manhattan.

#corporate-taxes, #employee-fringe-benefits, #executive-compensation, #federal-taxes-us, #frauds-and-swindling, #income-tax, #manhattan-nyc, #payroll-tax, #trump-organization, #trump-tax-returns, #trump-donald-j, #vance-cyrus-r-jr, #wages-and-salaries, #weisselberg-allen

The U.S. Enables Corporate Tax Avoiders. Can Biden Fix It?

American policymakers have sabotaged the nation’s ability to collect taxes from its corporations. Will Congress agree to change course?

#corporate-taxes, #ireland, #tax-shelters, #united-states-economy

Meet Big Tech’s Tormenter in Chief

Margrethe Vestager is the European regulator trying to do something audacious: get companies like Apple, Amazon and Facebook to play fair and pay taxes.

#amazon-com-inc, #antitrust-laws-and-competition-issues, #apple-inc, #computers-and-the-internet, #corporate-taxes, #european-commission, #facebook-inc, #google-inc, #vestager-margrethe

ProPublica Report Has Congress Rethinking How to Tax Superrich

A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxes has refocused attention on the tax code.

#alternative-minimum-tax, #biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #pro-publica, #propublica, #republican-party, #senate-committee-on-finance, #stocks-and-bonds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

Rich Americans Like Bezos, Musk, Buffett Avoided Income Tax

An analysis by ProPublica based on Internal Revenue Service documents showed billionaires like Jeff Bezos and Elon Musk benefited from vagaries in the tax code.

#corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #taxation

Yellen’s New Alliance Against Leprechauns

Is the world finally ready to take on tax havens?

#apple-inc, #corporate-taxes, #corporations, #european-commission, #ireland, #tax-shelters, #taxation, #yellen-janet-l

Yellen Won a Global Tax Deal. Now She Must Sell It to Congress.

The Treasury secretary worked with finance ministers from the G7 to win support for a global minimum tax. But selling the idea to Republican lawmakers will not be easy.

#american-jobs-plan-2021, #american-rescue-plan-2021, #corporate-taxes, #federal-taxes-us, #labor-and-jobs, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Global Tax Deal Reached Among G7 Nations

The Group of 7 nations reached an agreement over a global minimum tax that companies would pay regardless of where they are based.

#coronavirus-2019-ncov, #corporate-taxes, #federal-taxes-us, #group-of-seven, #tax-evasion, #united-states-economy, #yellen-janet-l

Global Finance Leaders Start Talks for Tax Overhaul

The overhaul under discussion includes a minimum tax that companies would pay regardless of where their headquarters were.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #politics-and-government, #tax-shelters, #yellen-janet-l

Can the Rich Pay for a Better America?

Biden has it mostly right. But will Congress water down his plans?

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #united-states-politics-and-government

Biden Narrows Infrastructure Proposal to Win Republican Support

The president offered new concessions this week, including dropping his plan to reverse some of the 2017 tax cuts, as he tries to win support from Senate Republicans.

#american-jobs-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #corporate-taxes, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

Biden Narrows Infrastructure Request, but Hurdles Remain for Bipartisan Deal

The president offered new concessions this week, including dropping his plan to reverse some of the 2017 tax cuts, as he tries to win support from Senate Republicans.

#american-jobs-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #corporate-taxes, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #republican-party, #senate, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

Yellen Aims to Win Support for Global Tax Deal

The Biden administration is trying to persuade other nations to approve a global minimum tax as it works to curb profit shifting and raise corporate taxes in the United States.

#corporate-taxes, #europe, #great-britain, #taxation, #united-states-economy, #yellen-janet-l

How ViacomCBS’s Content Deals Cost U.S. Taxpayers $4 Billion

A new report details ViacomCBS’s use of a labyrinthine tax shelter to sell rights to its shows and films overseas.

#cbs-corporation, #corporate-taxes, #intellectual-property, #international-trade-and-world-market, #law-and-legislation, #media, #mission-impossible-movie, #redstone-shari, #spongebob-squarepants-cartoon-character, #tax-shelters, #taxation, #viacom-inc, #viacomcbs-inc, #video-recordings-downloads-and-streaming

Biden Banks on $3.6 Trillion Tax Hike on the Rich and Corporations

The White House is proposing substantial increases in personal income tax rates for those earning about a half-million dollars and higher tax rates on large corporations.

#biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #federal-taxes-us, #income-inequality, #income-tax, #taxation, #united-states-economy

What Digital Nomads Need to Know About Taxes Abroad

Working remotely while abroad has obvious appeal. But the tax consequences vary depending on where you go. Here’s what to know.

#americans-abroad, #aruba, #barbados, #bermuda, #cayman-islands, #content-type-service, #corporate-taxes, #costa-rica, #estonia, #federal-taxes-us, #iceland, #mauritius, #mexico, #taxation, #telecommuting, #united-states, #wages-and-salaries

U.S. Backs Global Minimum Tax of at Least 15% to Curb Profit Shifting Overseas

The Biden administration wants other countries to back a minimum tax as part of its plan to raise the U.S. corporate tax rate to 28 percent from 21 percent.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

Once Tech’s Favorite Economist, Now a Thorn in Its Side

Paul Romer’s call for government activism, particularly toward the big tech companies, reflects “a profound change in my thinking.”

#antitrust-laws-and-competition-issues, #computers-and-the-internet, #corporate-taxes, #economics-theory-and-philosophy, #facebook-inc, #online-advertising, #regulation-and-deregulation-of-industry, #romer-paul-m, #united-states-economy, #united-states-politics-and-government

Top Trump Executive Under Criminal Investigation Over Taxes

Attorney General Letitia James is investigating whether taxes were paid on perks that the Trump Organization gave to Allen Weisselberg, its chief financial officer.

#corporate-taxes, #employee-fringe-benefits, #federal-taxes-us, #james-letitia, #new-york-state, #trump-organization, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr

As Congress Dithers, States Step In to Set Rules for the Internet

Virginia, Florida, Arkansas and Maryland are among dozens of states that have introduced bills to curtail the power of Amazon, Google, Facebook and Twitter.

#computers-and-the-internet, #consumer-protection, #corporate-taxes, #data-mining-and-database-marketing, #e-commerce, #law-and-legislation, #lobbying-and-lobbyists, #politics-and-government, #privacy, #regulation-and-deregulation-of-industry, #social-media, #state-legislatures, #states-us

Republicans Are Still Waging War on Workers

Times are good? Punish the unemployed. Times are bad? Punish the unemployed.

#american-rescue-plan-2021, #coronavirus-2019-ncov, #corporate-taxes, #labor-and-jobs, #republican-party, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

Biden Leans Into Plans to Tax the Rich

“We’re not going to deprive any of these executives of their second or third home, travel privately by jet,” the president said at the White House.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #income-tax, #tax-cuts-and-jobs-act-2017, #united-states-economy, #united-states-politics-and-government

Amazon Paid No Corporate Tax to Luxembourg

The e-commerce giant’s European retail business had record sales in 2020, but its headquarters on the continent reported a $1.4 billion loss.

#amazon-com-inc, #company-reports, #corporate-taxes, #e-commerce, #income-tax, #institute-on-taxation-and-economic-policy, #luxembourg, #politics-and-government, #tax-credits-deductions-and-exemptions, #tax-shelters, #united-states-economy

Biden, Calling for Big Government, Bets on a Nation Tested by Crisis

The president’s speech laying out trillions of dollars in new economic proposals plays to voters’ warm feelings toward federal aid in the coronavirus pandemic.

#american-families-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #corporate-taxes, #federal-taxes-us, #income-inequality, #infrastructure-public-works, #obama-barack, #polls-and-public-opinion, #recession-and-depression, #stimulus-economic, #tax-credits-deductions-and-exemptions, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners

The president’s “American Families Plan,” which he will detail this week, will be offset in part by a tax enforcement effort that administration officials believe will raise $700 billion over a decade.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #tax-evasion, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Marco Rubio’s ‘Woke Capital’ Tantrum

Republicans are mad at big business, but not mad enough to raise taxes.

#amazon-com-inc, #corporate-social-responsibility, #corporate-taxes, #corporations, #georgia, #labor-and-jobs, #law-and-legislation, #organized-labor, #republican-party, #rubio-marco

Republicans Look to Slash the Size of Biden’s Infrastructure Plan

Working to avoid being cut out of the process, they presented a $568 billion blueprint that is a fraction of the size of President Biden’s proposal.

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #capito-shelley-moore, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #republican-party, #senate, #united-states-economy, #united-states-politics-and-government

Make Tax-Dodging Companies Pay for Biden’s Infrastructure Plan

The corporate income tax has been gutted. Raising rates and cracking down on evasion are sensible ways to come up with trillions of dollars.

#corporate-taxes, #federal-taxes-us, #tax-credits-deductions-and-exemptions, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Voters Like Biden’s Infrastructure Plan; Taxes Are an Issue

A Times poll shows large majorities back spending on roads, ports, broadband and more. But Republicans aim to make corporate tax increases the issue.

#american-jobs-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #law-and-legislation, #polls-and-public-opinion, #surveymonkey, #united-states-economy, #united-states-politics-and-government

President Biden Makes the Case for Infrastructure in Bipartisan Meeting

The president met with lawmakers from both parties in an effort to show some flexibility on the size of his $2 trillion proposal and how to pay for it.

#american-rescue-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #house-of-representatives, #infrastructure-public-works, #senate, #united-states-politics-and-government

Trump’s Corporate Tax Cut Was a Flop

The abject failure surprised even the critics.

#corporate-taxes, #federal-taxes-us, #international-monetary-fund, #tax-cuts-and-jobs-act-2017, #tax-shelters

With Warning to Democrats, Manchin Points the Way for Biden’s Agenda

The West Virginia Democrat’s latest plea for bipartisanship suggested that, to win over a critical swing vote in his own party, President Biden will first have to reach out to Republicans.

#american-jobs-plan-2021, #american-rescue-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-budget-us, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #republican-party, #senate, #stimulus-economic, #united-states-economy, #united-states-politics-and-government

Biden, Yellen and the War on Leprechauns

Bribing corporations with low taxes isn’t the way to create jobs.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #foreign-investments, #tax-cuts-and-jobs-act-2017, #tax-shelters

Targeting Overseas Tax Shelters

How one U.S. multinational used overseas shelters to slash its tax bill — and how the Biden administration plans to crack down on such practices.

#bristol-myers-squibb-company, #corporate-taxes, #drugs-pharmaceuticals, #federal-taxes-us, #tax-shelters, #treasury-department, #united-states