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
NBC — Former President Donald Trump on Tuesday said that business executives and shareholder representatives should “be 100% behind” him or face termination.“Business Executives and Shareholder Representatives should be 100% behind Donald Trump! Anybody that’s not should be FIRED for incompetence!,” the former president wrote in a post on his social media website, Truth Social.His … Read more
The Arkansas House and Senate on Tuesday each passed its version of two identical bills that seek to cut income taxes, setting up the conclusion of a special legislative session on Wednesday. The legislation would lower the top corporate income tax rate from 4.8% to 4.3% and the top individual income tax rate from 4.4% … 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
Former President Donald Trump huddled with congressional Republicans Thursday in his first visit to Capitol Hill since the partisan violence of January 6, 2021. Then he reportedly promised a Business Roundtable gathering of CEOs that he would cut the corporate tax rate to 20% if he wins another term in the White House.The 2017 Republican … Read more
MORRISTOWN, NJ — Dozens of mayors are calling on Gov. Phil Murphy and state legislators to inject more cash flow into New Jersey Transit by way of a corporate transit tax, including Morristown’s Tim Dougherty. Commuters, labor leaders, and community activists echoed this call at a rally outside NJ Transit headquarters on Thursday, while also … 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
As former President Donald Trump prepared to meet with top corporate CEOs on Thursday, an analysis estimates that the GOP frontrunner’s proposed giveaway to the nation’s most profitable corporations would exceed the size of the federal K-12 budget for the current fiscal year. Conducted by Brendan Duke and Will Ragland of the Center for American … 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