The Greenbook for Fiscal Year 2025, containing the Biden administration’s budget proposals, contains a mixture of recommendations, many of which have been considered in one form or another in past years. Nevertheless, it lays out the administration’s blueprint for a wish list, and in some cases signals issues to prepare for. “As time has gone on, … Read more
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
WASHINGTON (AP) — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would help their businesses.Both Trump, the presumptive Republican nominee, … Read more
Sharon Basch is a rising 3L at the University of Pittsburgh School of Law and a JURIST staff correspondent in Washington DC this summer. Wednesday morning I attended a US Senate Budget Committee hearing entitled “Making Wall Street Pay its Fair Share: Raising Revenue, Strengthening Our Economy.” The hearing was called to discuss tax policy and … Read more
By JOSH BOAK WASHINGTON (AP) — President Joe Biden’s chief of staff argued to an influential group of CEOs Thursday that the Democratic incumbent’s emphasis on global alliances would help their businesses, even as the group rolls out an effort to preserve tax cuts that former President Donald Trump signed into law. Both Trump, the … Read more
WASHINGTON — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would help their businesses.Both Trump, the presumptive Republican nominee, and … Read more
Politics Trump proposes a policy that could make tipping more annoying for everyone Katherine Tangalakis-Lippert 2024-06-12T09:42:01Z Share icon An curved arrow pointing right. Share Facebook Icon The letter F. Facebook Email icon An envelope. It indicates the ability to send an email. Email Twitter icon A stylized bird with an open mouth, tweeting. Twitter LinkedIn … Read more
Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more
Click here to download Briefing Memo on Foreign-Derived Intangible Income (FDII) The 2017 tax reform massively reshaped how U.S. multinationals are taxed on their foreign income, including through the application of a global minimum tax that grants corporations a substantial discount on their foreign profits. This discount gave big multinationals new incentives to stash their … Read more
WASHINGTON — On the campaign trail, President Joe Biden likes to take a hard thwack at corporate America.The Democrat tells voters that companies should pay more in taxes and he blames many businesses for fueling higher prices by stoking “greedflation” and “shrinkflation.”But for the past several months, top Biden administration officials have also stepped up … Read more