Companies

Feds should make capital gains tax exemption permanent for employee ownership trusts: report | Benefits Canada.com

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Feds should make capital gains tax exemption permanent for employee ownership trusts: report | Benefits Canada.com

Canadian employees stand to greatly benefit from making EOTs widely available, says Simon Pek, an associate professor of business and society at the University of Victoria’s Gustavson School of Business, and a co-author of the report.Read: Feds’ new tax exemption could drive more employers to leverage employee ownership trusts: expertAmong the policies raised in the report, … Read more

State-owned VHI won’t be subject to higher 15% corporate tax rate until 2029

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State-owned VHI won’t be subject to higher 15% corporate tax rate until 2029

State-owned insurer VHI will not be subject to the new higher 15 per cent corporate tax rate until January 1st, 2029 due to an exemption in the legislation for large-scale domestic companies with no international activity, according to the company’s annual report.Under legislation introduced last year, the State’s 12.5 per cent tax rate increased to … Read more

Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate

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Supreme Court rejects challenge to tax on foreign investments — but avoids wealth tax debate

An exterior view of the Supreme Court on June 20, 2024 in Washington, DC. Andrew Harnik | Getty ImagesIn a closely watched case, the Supreme Court on Thursday denied a challenge to a federal tax on certain foreign investments — but left questions about whether a wealth tax is constitutional.The case, Moore v. United States, focused … Read more

Budget 2024: Individual taxpayers hope for tax relief in the Union Budget from Nirmala Sitharaman

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Budget 2024: Individual taxpayers hope for tax relief in the Union Budget from Nirmala Sitharaman

Amid a sharp rise in personal income tax collection, individual taxpayers are hoping for respite in the Union Budget 2024-25 and indications are that the government may look at reviewing some of the tax rates.According to sources, one of the measures being considered is to increase spending capacity of people in the face of high … Read more

K Street is getting ready — and paid — for a tax fight

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K Street is getting ready — and paid — for a tax fight

As loyal Vault readers know, the lead-up for Washington to confront the expiring Trump tax cuts at the end of 2025 is in full swing. That’s already playing out at full speed in the lobbying world, giving a hint of the frenzy to come and the money on the line next year. Big business groups are springing into … Read more

Higher corporate tax rates enrich insiders – Washington Examiner

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Higher corporate tax rates enrich insiders - Washington Examiner

Former President Donald Trump last week spoke to CEOs about cutting the corporate income tax rate. President Joe Biden, in contrast, wants to increase the rate. Because Trump’s announcement came before the Business Roundtable, it’s being interpreted as pandering to corporate America. That’s fair enough. But Biden’s counter — a higher corporate tax rate — … Read more

Proposed Oregon ballot measure would raise corporate taxes and guarantee residents a basic income

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Proposed Oregon ballot measure would raise corporate taxes and guarantee residents a basic income

The Oregon Capitol in Salem. (AP Photo/Jenny Kane, File) PORTLAND, Ore. – Oregon voters will likely decide in November whether to establish a historic universal basic income program that would give every state resident roughly $750 annually from increased corporate taxes.Proponents of the concept say they likely have enough signatures to place it on the ballot … Read more

IRS wants to end tax loophole for the wealthy | Investment Executive

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IRS wants to end tax loophole for the wealthy | Investment Executive

Biden administration officials said after evaluating the practice that there are no economic grounds for these transactions, with Deputy Treasury Secretary Wally Adeyemo calling it “really just a shell game.” The officials said the additional IRS funding provided through the 2022 Inflation Reduction Act had enabled increased oversight and greater awareness of the practice. “These tax shelters … Read more

Five Things to Know about Trump’s Tariff and Income Tax Proposals

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Five Things to Know about Trump’s Tariff and Income Tax Proposals

Trump Income Tax and Tariff Proposals: Details & Analysis Skip to content Home • Blog • Five Things to Know about Trump’s Tariff and Income Tax Proposals Trump took his affinity for tariffs much further, floating the possibility of entirely replacing the federal income tax with new tariffs. He also raised other ideas like eliminating … Read more

Many Americans could face tax hikes as Trump tax cuts set to expire soon, think tank says

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Many Americans could face tax hikes as Trump tax cuts set to expire soon, think tank says

WASHINGTON (TND) — Former President Donald Trump’s tax cuts are scheduled to expire at the end of 2025. The Tax Foundation told CNBC that if Congress doesn’t take action, more than 60% of Americans could face increased taxes. Former White House economic adviser Steve Moore joined The National Desk Wednesday morning to discuss the issue.The … Read more