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55c984159366576a63f030510a9f1307 Archive

Schumer’s Proposal to Deschedule and Tax Marijuana

TweetShareSharePin0 Shares Today, Senate Majority Leader Chuck Schumer (D), Senate Finance Committee Chairman Ron Wyden (D), and Sen. Cory Booker (D) released their discussion draft—the Cannabis Administration and Opportunity Act—for federal descheduling of marijuana. While federal descheduling impacts all states, it does not deschedule marijuana in states which choose to keep their own ban. Nevertheless,

Global Foreign Direct Investment | UN World Investment Report

TweetShareSharePin0 Shares The United Nations (UN) recently released its annual “World Investment Report,” which shows the dramatic fall in global foreign direct investment (FDI) caused by the COVID-19 crisis. A partial recovery is expected for 2021, with the most optimistic scenario showing a return to 2019 FDI levels by 2022. However, uncertainty remains high, with

Sports Betting Tax Treatment: Sports Betting Operators

TweetShareSharePin0 Shares Since 2018, 30 states and the District and Columbia have legalized and imposed taxes on sports betting. States that have yet to legalize, but which may do so, should pay attention to the impact of tax design in states that already have legal and taxed sports betting—specifically tax base design. Despite the attention

State and Local Sales Tax Rates, Midyear 2021

TweetShareSharePin0 Shares Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.55 percent), Tennessee (9.547 percent),

Controlled Foreign Corporation: CFC Rules in Europe

TweetShareSharePin0 Shares Businesses around the world often operate in more than one country, making them subject to multiple tax jurisdictions. To prevent businesses from minimizing their tax liability by taking advantage of cross-country differences, countries have implemented various anti-tax avoidance measures, such as the so-called Controlled Foreign Corporation (CFC) rules. Controlled Foreign Corporation rules apply to

Corporation Tax Burdens: Property Taxes & Sales Taxes

TweetShareSharePin0 Shares When most people think about “business taxes,” the corporate income tax is usually the first that comes to mind. Corporate income taxes generate sizable tax burdens for businesses—especially at the federal level—but at the state level, the corporate income tax is just one of many taxes businesses pay. For many companies, state corporate

Advance Child Tax Credit Payments

TweetShareSharePin0 Shares Later this month more than 39 million households are set to receive advance payments of the Child Tax Credit (CTC) that was expanded in the March 2021 American Rescue Plan. Many households are uncertain about how the advance payments will affect their refunds or taxes owed when they file next year, and some

Biden Tax Proposals Could Impact Small Businesses

TweetShareSharePin0 Shares In a prior post, we discussed how President Biden’s tax proposals under the American Jobs Plan could increase the tax burden on small businesses in the corporate sector. This post will examine how the tax proposals under the American Families Plan could affect businesses in the non-corporate sector. While these proposals primarily target
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