profits

Supreme Court Upholds Mandatory Repatriation Tax but Suggests Wealth Taxes a Step Too Far | JD Supra

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Supreme Court Upholds Mandatory Repatriation Tax but Suggests Wealth Taxes a Step Too Far | JD Supra

Key Takeaways The Supreme Court upheld the constitutionality of the so-called mandatory repatriation tax (MRT) in a narrow ruling, stating that the MRT taxes realized income and attributes that corporate income to shareholders. A team of BakerHostetler attorneys, led by Partners Andrew Grossman and Jeffrey Paravano, represented Charles and Kathleen Moore at the U.S. Supreme … Read more

Democrats’ plan to tax the rich and corporations begins to take shape

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Democrats’ plan to tax the rich and corporations begins to take shape

Democrats are forging plans to raise tax rates on companies and wealthy individuals next year if they hold the White House and win control of both houses of Congress, as the party’s leaders increasingly see tax policy as a winning issue on the campaign trail.Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s … 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

Court upholds Trump-era corporate tax on foreign earnings – SCOTUSblog

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Court upholds Trump-era corporate tax on foreign earnings - SCOTUSblog

OPINION ANALYSIS By Amy Howe on Jun 20, 2024 at 1:58 pm The court issued four opinions on Thursday. (Katie Barlow) The Supreme Court on Thursday upheld a provision of a 2017 corporate tax reform law, known as the mandatory repatriation tax, that taxes the undistributed profits from U.S. shares of foreign corporations in which … 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

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

Direct tax collections for FY 2024-25 surge by over 20%

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Direct tax collections for FY 2024-25 surge by over 20%

ANI | Jun 18, 2024 07:58 PM IST Share Via Copy Link The increase in both personal income and corporate tax collections points towards a growing corporate sector and higher income levels among individuals. The Ministry of Finance has announced a robust growth in India’s direct tax collections for the financial year 2024-25, with net … Read more

IMF Pitches ‘Strengthening Corporate Taxes’ And ‘Supplemental’ Taxes To Fight Against Impact Of AI On Jobs And Inequality

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IMF Pitches 'Strengthening Corporate Taxes' And 'Supplemental' Taxes To Fight Against Impact Of AI On Jobs And Inequality

Loading…Loading…The International Monetary Fund (IMF) has raised a red flag on the potential of artificial intelligence (AI) to exacerbate inequality, urging governments to take measures to protect their economies.What Happened: The IMF expressed “profound concerns” about the possibility of significant labor disruptions and increased inequality as societies transition to generative AI, according to a report … Read more

Budget to usher in minimum corporate tax rule under ‘Pillar-2’

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Budget to usher in minimum corporate tax rule under ‘Pillar-2’

The Central government is likely to announce India’s adoption of “Pillar-2” tax regime anchored by the Organisation for Economic Cooperation and Development (OECD) in the coming Budget, as part of the country’s efforts to support and benefit from the global system combating tax avoidance.The Finance Bill, 2024, passed after the interim Budget presentation, will be … Read more

DC dispatch: senators and witnesses quarrel over tax reform in Budget Committee hearing – does Wall Street pay its fair share?

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DC dispatch: senators and witnesses quarrel over tax reform in Budget Committee hearing – does Wall Street pay its fair share?

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