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Thirty Days Hath September… | Tax Policy Center

TweetShareSharePin0 Shares House passes the budget resolution, sets an infrastructure vote for September 27. The House passed the $3.5 trillion budget framework on a party-line vote. Speaker Nancy Pelosi committed to  bringing the bipartisan $1 trillion infrastructure bill to the House by September 27.  It remains to be seen whether the House can pull together

US Lawmakers Approve New Cryptoassets Reporting Rules

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 25 August 2021 The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions. Despite concerns raised by various lawmakers that the provisions fail to provide clarity about who the reporting

Hong Kong Discusses US Termination Of Shipping Tax Pact

TweetShareSharePin0 Shares by Mary Swire, Tax-News.com, Hong Kong 25 August 2021 The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories’ agreement that exempted shipping industry income from tax. US authorities announced in October 2020

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

Retirement Tax Benefits Exacerbate Racial Inequities

TweetShareSharePin0 Shares In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. But it’s worse than that:  Our system of generous tax subsidies for retirement savings—such as 401(k) plans, other defined contribution plans, and individual retirement accounts (IRAs)—also exacerbates racial inequities. Due

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
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