How Private Equity Lobbying Watered Down the Corporate Minimum Tax

The new corporate minimum tax is not law yet and is already rife with exceptions for the businesses that might have to pay it.

#corporate-taxes, #house-of-representatives, #joint-committee-on-taxation, #law-and-legislation, #private-equity, #republican-party, #senate, #sinema-kyrsten, #tax-credits-deductions-and-exemptions, #tax-shelters

How Joe Manchin Left a Global Tax Deal in Limbo

Treasury Secretary Janet L. Yellen’s signature achievement is in jeopardy if the United States cannot ratify the tax agreement that she brokered.

#corporate-taxes, #corporations, #european-union, #federal-budget-us, #federal-taxes-us, #manchin-joe-iii, #politics-and-government, #tax-shelters, #treasury-department, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Officials Balked at a Drug Company’s Tax Shelter. Auditors Approved It Anyway.

Court documents show the potential conflicts of interest when accounting firms simultaneously help clients avoid taxes and audit their finances.

#accounting-and-accountants, #bdo-international, #conflicts-of-interest, #corporate-taxes, #ernstyoung, #federal-taxes-us, #internal-revenue-service, #perrigo-company, #securities-and-commodities-violations, #suits-and-litigation-civil, #tax-evasion, #tax-shelters, #taxation

Treasury Secretary Yellen Looks to Get Global Tax Deal Back on Track

The Treasury secretary is traveling to Warsaw, Brussels and Bonn, Germany, this week at an uncertain time for the global economy.

#biden-joseph-r-jr, #bonn-germany, #brady-kevin-1955, #brussels-belgium, #corporate-taxes, #economic-conditions-and-trends, #europe, #european-union, #group-of-seven, #house-committee-on-ways-and-means, #macron-emmanuel-1977, #morawiecki-mateusz, #poland, #politics-and-government, #tax-shelters, #treasury-department, #united-states-economy, #united-states-international-relations, #yellen-janet-l

Oligarchs Got Richer Despite Sanctions. Will This Time Be Different?

For nearly a decade, sanctions have been little more than names on a list for wealthy Russians. Governments are working to give them bite.

#belize, #biden-joseph-r-jr, #central-bank-of-russia, #crimea-ukraine, #embargoes-and-sanctions, #europe, #european-union, #great-britain, #luxembourg, #politics-and-government, #putin-vladimir-v, #rotenberg-arkady-r-1951, #russian-invasion-of-ukraine-2022, #switzerland, #tax-shelters, #ukraine

‘Davos Man,’ Marc Benioff and the Covid Pandemic

They stepped up in the pandemic “to save the world,” says Marc Benioff of Salesforce. Even as their tax practices and perches kept them above its troubles.

#benioff-marc, #content-type-personal-profile, #corporate-social-responsibility, #corporate-taxes, #davos-switzerland, #high-net-worth-individuals, #income-inequality, #philanthropy, #san-francisco-calif, #tax-shelters, #world-economic-forum

Rift Between Wyden and Son Shows the Challenge of Taxing the Ultrarich

A dispute between Ron Wyden, the Democratic Senate Finance Committee chairman, and his hedge fund-manager son illustrates how the merely rich help the fabulously rich resist tax increases.

#biden-joseph-r-jr, #federal-taxes-us, #hedge-funds, #high-net-worth-individuals, #income-tax, #musk-elon, #senate-committee-on-finance, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Some Politicians We Don’t Love, Some Movies We Do

Election Day and movie night offer different pleasures.

#alternative-and-renewable-energy, #biden-joseph-r-jr, #corporate-taxes, #crime-and-criminals, #education-k-12, #loudoun-county-va, #manchin-joe-iii, #mcauliffe-terry, #movies, #police-brutality-misconduct-and-shootings, #police-department-minneapolis-minn, #tax-shelters, #trump-donald-j, #united-states-politics-and-government, #youngkin-glenn-a

Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #donohoe-paschal-1974, #europe, #federal-budget-us, #federal-taxes-us, #foreign-investments, #group-of-twenty, #house-of-representatives, #income, #income-tax, #internal-revenue-service, #national-assn-of-manufacturers, #organization-for-economic-cooperation-and-development, #patriotic-millionaires, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

A Global Tax Deal Is at Hand. Here’s How It Would Work.

President Biden will sign on to an international pact aimed at ending profit-shifting by large companies. Here’s a look at what it means.

#corporate-taxes, #international-trade-and-world-market, #tax-shelters, #taxation, #united-states-international-relations, #united-states-politics-and-government

How $2 Trillion in Tax Increases in Biden’s Bill Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

Pastries and Persuasion: How a Global Tax Deal Got Done

Over Zoom calls from basements and a breakfast in Brussels, faltering negotiations to remake the world’s tax architecture were revived.

#corporate-taxes, #donohoe-paschal, #federal-taxes-us, #grinberg-itai, #kysar-rebecca, #tax-shelters, #united-states-economy, #united-states-international-relations, #yellen-janet-l

Democrats Hammer Out Novel Plan to Tax Billionaires and Corporate Giants

New proposals would fund social and climate programs by tapping billionaires’ unrealized gains and by ensuring that the biggest companies cannot avoid income taxes altogether.

#biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #house-of-representatives, #income-tax, #law-and-legislation, #manchin-joe-iii, #senate, #sinema-kyrsten, #tax-shelters, #united-states-politics-and-government

Tax Evasion and the Republican Party

By enabling resistance to lawful taxation, Republicans are undermining democracy.

#corporate-taxes, #democracy-theory-and-philosophy, #federal-taxes-us, #income-tax, #tax-evasion, #tax-shelters, #taxation

Democrats Consider Billionaires Tax

Senator Kyrsten Sinema’s refusal to accept corporate, individual or capital gains tax rate increases has led Democrats to consider proposals once championed by the party’s most liberal flank.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #high-net-worth-individuals, #income-tax, #sinema-kyrsten, #tax-shelters, #taxation, #united-states-politics-and-government

Will a Global Minimum Tax End the Tax Haven Race to the Bottom?

To crack down on tax havens, nations have agreed on a plan for a global minimum tax of 15 percent.

#corporate-taxes, #federal-taxes-us, #internal-sub-only, #organization-for-economic-cooperation-and-development, #tax-shelters

The Pandora Papers Expose Britain’s Role in Money Laundering

Together with its territories overseas, Britain is instrumental in a global game of deceit.

#cayman-islands, #great-britain, #money-laundering, #pandora-papers, #tax-evasion, #tax-shelters, #virgin-islands-great-britain

Global Tax Deal Moves Closer as Hungary, a Low-Tax Holdout, Signs On

A pact among more than 130 countries that would set a minimum tax rate of 15 percent is expected to be announced later Friday.

#biden-joseph-r-jr, #corporate-taxes, #economic-conditions-and-trends, #european-union, #international-relations, #orban-viktor, #organization-for-economic-cooperation-and-development, #politics-and-government, #tax-shelters, #united-states-politics-and-government

The Pandora Papers and the Power of Shame

Technology and public opinion are shifting the balance against elites’ use of offshore financial services.

#corruption-institutional, #high-net-worth-individuals, #income-inequality, #panama-papers, #paradise-papers, #tax-evasion, #tax-shelters, #united-states, #whistle-blowers

A Global Deal Aimed at Ending Tax Havens Gains Momentum

Negotiators are coalescing around a 15 percent minimum tax rate, which could be announced at a Friday meeting.

#corporate-taxes, #economic-conditions-and-trends, #ireland, #organization-for-economic-cooperation-and-development, #politics-and-government, #tax-shelters, #taxation

Pandora Papers Leak: What to Know

Revelations from nearly 12 million leaked confidential financial records have thrown light on the concealed wealth of powerful public figures around the world. How do they hide their money, and why is this information important?

#banking-and-financial-institutions, #high-net-worth-individuals, #panama-papers, #politics-and-government, #tax-shelters

Jordan’s King Among Leaders Accused of Amassing Secret Property Empire

A leak of nearly 12 million files suggested King Abdullah II was among 35 current and former leaders to use secret shell companies to hide their wealth.

#abdullah-ii-king-of-jordan, #high-net-worth-individuals, #international-consortium-of-investigative-journalists, #jordan, #royal-families, #tax-shelters

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

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

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

As Money Launderers Buy Dalís, U.S. Looks at Lifting the Veil on Art Sales

Secrecy has long been part of the art market’s mystique, but now lawmakers say they fear it fosters abuses and should be addressed.

#art, #art-dealers-assn-of-america, #auctions, #bouvier-yves, #dali-salvador, #finances, #financial-crimes-enforcement-network-treasury-department, #great-britain, #money-laundering, #philadelphia-pa, #rybolovlev-dmitry-evgenevich, #senate-permanent-subcommittee-on-investigations, #tax-shelters, #united-states-politics-and-government

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

How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

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

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

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

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

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

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 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

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

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

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

What’s in Biden’s Tax Plan?

The proposal includes provisions to raise the corporate tax rate to 28 percent, make it harder for companies to move profits overseas and beef up the Internal Revenue Service.

#oil-petroleum-and-gasoline, #tax-cuts-and-jobs-act-2017, #tax-shelters, #united-states-economy

Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting

The plan detailed by the Treasury Department would make it harder for companies to avoid paying taxes on both U.S. income and profits stashed abroad.

#american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #infrastructure-public-works, #republican-party, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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

An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers

The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes.

#accounting-and-accountants, #bristol-myers-squibb-company, #corporate-taxes, #federal-taxes-us, #internal-revenue-service, #legal-profession, #pricewaterhousecoopers, #tax-evasion, #tax-shelters, #whitecase

Whistle-Blower Says Credit Suisse Helped Clients Skip Taxes After Promising to Stop

A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government

#boente-dana-j, #cole-james-m, #credit-suisse-group-ag, #dougan-brady-w, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #justice-department, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #whistle-blowers, #wray-christopher-a

It May Be Time to Start Worrying About the Estate Tax

Most people have been able to pass on assets like a family home without federal tax, but that could be changing.

#biden-joseph-r-jr, #content-type-service, #federal-taxes-us, #high-net-worth-individuals, #inheritance-and-estate-taxes, #personal-finances, #real-estate-and-housing-residential, #tax-credits-deductions-and-exemptions, #tax-shelters, #taxation, #wills-and-estates

Biden Wants to Raise Taxes, Yet Many Trump Tax Cuts Are Here to Stay

While Democrats have vowed to repeal the former president’s signature 2017 law, his successor is more likely to tinker with it, given constraints.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #trump-tax-returns, #united-states-politics-and-government