Abstract The Tax Cuts and Jobs Act introduced a 20 percent deduction for qualified business income to maintain rough “parity” between pass-through businesses and C corporations. However, the deduction fails to ensure parity and exacerbates existing distortions. Given the deduction’s impending expiration, lawmakers have an opportunity to consider alternatives—one of which is corporate integration, a … Read more
Placing Biden and Trump Tax Proposals in Historical Context Skip to content Home • Blog • Placing Biden and Trump Tax Proposals in Historical Context calling the TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, … Read more
Fact: UBS currently pays around 18.5 percent on its profits in Switzerland, derived from a mixed calculation of cantonal rates, with Zurich at 19.61 percent and Basel-Stadt at 13.04 percent.
– Uganda has a fiscal deficit of 5.6 percent in 2023
– World Bank suspended funding to Uganda over anti-homosexuality law
– Traders in Kampala protested against high taxes and enforcement tactics
– Uganda has a narrow tax base, with tax collections totaling less than 14 percent of GDP
– Only 1 million Ugandans pay tax out of a population of almost 50 million
– Top 1,000 taxpayers contribute more than three-quarters of all tax revenue collections
– Uganda’s tax regime is less effective than many of its Sub-Saharan counterparts
– Tax regime is perceived as unfair by ordinary citizens
– Tax laws have elements of being progressive, particularly in personal income taxation
– Uganda faces challenges in raising sufficient funds for public services and economic development
– Reforms are needed in personal income tax rates, VAT threshold, presumptive tax thresholds, and business taxation
– Greater transparency in public spending and service delivery can improve taxpayer morale and compliance
The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.
– The Tax Cuts and Jobs Act (TCJA) has important segments scheduled to expire on December 31, 2025.
– The US corporate tax rate was reduced from 35% to 21% and is not scheduled to sunset.
– The Qualified Business Income (QBI) Deduction of 20% for passthrough entities is scheduled to end in 2025.
– Bonus depreciation deductions are scheduled to decrease over the years and eventually sunset.
– The TCJA repealed the Alternative Minimum Tax (AMT) for corporations.
– It is important to consult a tax attorney for domestic and international tax planning for corporate entities post-2025.
– The Corporate Transparency Act requires small corporate entities to disclose ownership interests.
– Congressional decisions on QBI deductions and AMT may be impacted by reporting requirements under the Corporate Transparency Act.