Menu

55c984159366576a63f030510a9f1307 Archive

A Hidden Tax on Domestic Activities & Foreign Profits

TweetShareSharePin11 Shares The U.S. corporate tax code is a complicated behemoth, loaded with numerous arcane provisions—some of these providing special tax breaks, others imposing special tax penalties. Among the latter group, indirect expense allocation rules penalize domestic activities and impose a hidden surtax on foreign profits. While arcane, expense allocation rules are relevant to current

Medicare Part D | HR3: Lower Drug Costs Now Act

TweetShareSharePin0 Shares One of the ways lawmakers intend to pay for $3.5 trillion of new spending in the budget reconciliation package is by creating “health care savings.” The leading proposal to achieve this is H.R. 3, the Elijah Cummings Lower Drug Costs Now Act, which would change the way that prescription drug prices are negotiated

Historical Corporate Income Tax Rates & Brackets, 1909-2020

TweetShareSharePin0 Shares 2018-2020      All taxable income 21 For tax years beginning after 2017, the Tax Cuts and Jobs Act (P.L. 115-97) replaced the graduated corporate tax structure with a flat 21% corporate tax rate. 1993-2017      First $50,000 15 The Revenue Reconciliation Act of 1993  increased the maximum corporate tax rate to 35% for

International Tax Proposals and Profit Shifting

TweetShareSharePin0 Shares Profit shifting by multinationals poses a major challenge in international taxation. The ability of multinational enterprises to shift the location of profits from high-tax to low-tax jurisdictions and tax havens erodes the corporate income tax base in high-tax countries. For example, a multinational with patents owned by an Irish affiliate can shift profits

97 percent of small businesses exempt from Biden tax plan

TweetShareSharePin0 Shares The Biden administration recently cited an analysis from Treasury claiming that “the President’s agenda will protect 97 percent of small business owners from income tax rate increases.” However, the figure is misleading. To assess the economic effect of higher marginal tax rates, it matters how much income or investment will be affected—not how

Increasing Share of U.S. Households Paying No Income Tax

TweetShareSharePin0 Shares On Wednesday, the Tax Policy Center (TPC) released estimates on the portion of households with no federal income tax liability, finding that in 2020, about 60.6 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but

Sources of Personal Income in the US, 2021

TweetShareSharePin0 Shares Key Findings Taxpayers reported nearly $11.8 trillion of total income on their 2018 tax returns. About 67 percent ($7.9 trillion) of the total income reported on Form 1040 consisted of wages and salaries, and 82 percent of all tax filers reported earning wage income. Retirement accounts such as 401(k)s and pensions are important
You cannot copy content of this page
Social Media Auto Publish Powered By : XYZScripts.com