While news broke over the weekend that Gov. Phil Murphy and legislative leaders agree that the FY25 State Budget will include a 2.5% Corporate Transit Tax, many critical questions remain for New Jersey’s business community. This week, NJBIA looks at just a few of them that will need to be answered before the budget is … Read more
Shareholders at three of the world’s largest oil companies recently turned down tax transparency proposals from an activist investor. At Chevron, a proposal to publicly report the company’s earnings and tax bills in every country where it operates was defeated on May 29; 85% of votes were against the proposal. The shareholders followed recommendations from … Read more
Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
In Moore v. United States, the U.S. Supreme Court rejected a constitutional challenge to the Mandatory Repatriation Tax (MRT), holding that the MRT does tax income — the realized earnings of foreign corporations — and thus is a constitutionally permissible income tax authorized by the Sixteenth Amendment. The MRT is a “one-time, backward-looking” tax in … Read more
June 20, 2024 June 20, 2024 Today, seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the Court had agreed with the plaintiffs in the case — as well as … Read more
The president plans to raise taxes on billionaires and giant corporations to help fund more affordable housing and childcare, while keeping taxes the same for those earning under $400,000 per year. With the 2024 presidential election less than five months away, President Joe Biden and former president Donald Trump have been busy highlighting their tax … Read more
Labour could have stealth plans to raise Capital Gains Tax (CGT), the CEO of a leading independent financial advisory and fintech warned, after Labour soared ahead in polls, positioning Sir Keir Starmer’s party for a landslide victory on July 4. This means analysts are ramping up scrutiny on how it is to fund its ambitious … Read more
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
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
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