Archive for the ‘Daily Deduction’ Category

Tax Policy in September: Racing to a Grinding Halt?

Have it your way… unless you’re Burger King. Five Senate Democrats—Illinois’ Dick Durbin, Michigan’s Carl Levin, Rhode Island’s Jack Reed, Vermont’s Bernie Sanders and Ohio’s Sherrod Brown—asked Burger King to not move its legal headquarters to lower-tax Canada. They accused it of trying to avoid paying its fair share for roads and other public services […]

Rules, Reform, Taxes and Wealth: No Harm in Trying?

Maybe the duck will walk again? Lawmakers are putting down their markers on anti-inversion legislation. Top Senate Democrats Dick Durbin and Chuck Schumer have introduced a bill to curb “earnings-stripping” by multinational corporations—a practice where firms maximize U.S. tax deductions for interest payments and other business costs while shifting income to low-tax countries. Senate Finance […]

The Amazing [Anti-Inversion] Race

There’s tougher talk from Treasury. Secretary Jack Lew affirmed administrative authority to curb inversions, telling Bloomberg that “If Congress doesn’t act, we have to take the steps we can, which will reduce the economic value of inversions.” There’s more talk on the Hill, too. Senate Finance Committee Chair Ron Wyden wants to “continue to work […]

Inversions, Loopholes, Taxes and TIFs: What’s a Revenue Service to Do?

Inversions: The waiting is the hardest part. At yesterday’s TPC event Treasury Secretary Jack Lew promised an anti-inversion decision “soon,” but committed to no other details. While everybody agrees corporate inversions are done largely to avoid taxes, does Treasury have the authority to prevent them? If so, should it? New York University’s Sally Katzen, Harvard’s […]

Business Tax Reform: Will Patience Be a Vice?

Treasury speaks on business tax reform at TPC. Tune in this morning. Treasury Secretary Jack Lew will address business tax reform and will be followed by a panel discussion on corporate inversions, a US tax avoidance strategy. The panel includes Sally Katzen of the NYU School of Law, TPC’s Steven Rosenthal, John Samuels of General […]

On Credits, Boycotts, and the Economy

Congress is in recess until Monday, September 8. The Daily Deduction will resume its regular schedule when Congress returns. “There will be credits.” Alaskans like the way oil industry profits are taxed–barely. The state grants a corporate income tax credit for qualified oil and gas service-industry expenditures. Ballot Measure No. 1 would have repealed the […]

Tax Rates: Growth, Competition, and Debt

Congress is in recess until September 8. The Daily Deduction will next appear on Tuesday, September 2. It will resume its regular schedule on Monday, September 8. Individual tax rates: If you cut them, what will grow? Representative Paul Ryan, who is likely to become the next chair of  the House Ways and Means Committee, wants […]

Use It or Lose It: The Authority to Tax, or Not

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, September 8. Until then: We’ll see you every Monday morning. Don’t like corporate inversions? If the Administration wants to stop them, it can. TPC’s Steve Rosenthal explains: Treasury has the authority to treat a corporation’s interest payments on debt to […]

August Avoidance: Corporate Taxes and Budget Realities

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, September 8. Until then: We’ll see you every Monday morning.  Walgreen might be the only one who’s tired of talking about inversions. The Illinois-based drugstore chain plans to keep its tax base in the US after purchasing Alliance Boots. But […]

Online Taxes: Searches, Storage, and Sales

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, September 8. Until then: We’ll see you every Monday morning. Abroad and online: One country brings a knife to a gunfight. Spain has passed a new law: Websites that link to Spanish newspaper association stories will pay a tax for […]