WASHINGTON, Jan 30 (Reuters) – Multinational corporations
would get a tax holiday on hundreds of billions of dollars in
foreign profits under a measure proposed by two U.S. senators on
Democrat Barbara Boxer of California and Republican Rand
Paul of Kentucky called for allowing businesses to pay 6.5
percent corporate income tax on foreign profits brought into the
country from overseas, instead of the current 35 percent rate,
which they largely avoid.
WASHINGTON, Jan 18 (Reuters) – President Barack Obama’s new
tax plan ran into rapid criticism from the Republicans on
Sunday, underscoring the challenges facing any attempt to
overhaul the U.S. tax code.
With the start of a new Congress this month under Republican
control, lawmakers have been discussing tax reform. However,
with Congress deeply divided on fiscal policy, Obama’s latest
tax plan is likely to hit strong opposition.
WASHINGTON, Dec 31 (Reuters) – As Republicans assume control
of the entire U.S. Congress in the new year, they are expected
to push a controversial change to use more macroeconomic
projections in determining the impact of tax and budget
legislation on the federal deficit.
Critics say wider use of “dynamic scoring,” as the
Republican-favored approach is known, would introduce new
uncertainties into fiscal policy and degrade the value of
present analysis now done by Capitol Hill staff experts.
WASHINGTON, Dec 29 (Reuters) – Female chief financial
officers at U.S. corporations are less likely to adopt high-risk
tax-avoidance strategies than their male counterparts, according
to a study by an accounting group.
The chances that a company would adopt a risky tax shelter
were 17.4 percent lower with a female CFO, said the American
Accounting Association, citing an academic analysis of 92 cases
in which a woman replaced a man in that key executive role.
WASHINGTON (Reuters) – Dozens of temporary tax breaks, including big ones for business research, wind power and foreign profits, were renewed by the U.S. Senate late on Tuesday, putting to rest worries that further delays in dealing with the so-called tax extenders might foul up the approaching tax-filing season.
The Senate approved legislation sent from the House of Representatives that renews retroactively, back to Jan. 1, 2014, a 55-item package of tax breaks. Most of them expired at the end of 2013 and have since been in limbo.
WASHINGTON (Reuters) – The U.S. Senate was expected this week to renew dozens of temporary tax breaks, known as the “extenders,” including big ones for business research, wind power and foreign profits.
Ordinary Americans are also affected by extender provisions for state and local sales tax, canceled mortgage debt, college tuition, schoolteacher supplies and health insurance.
WASHINGTON (Reuters) – Fast food chain Burger King (BKW.N: Quote, Profile, Research, Stock Buzz) will avoid hundreds of millions of dollars in U.S. taxes if, as planned, it completes its pending buyout of Canadian coffee-and-doughnuts chain Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz), a tax activist group said on Thursday.
In one of the most notable of several corporate tax “inversion” deals this year, Florida-based Burger King announced in late August it would buy Tim Hortons and put the headquarters of the combined company in Canada.
WASHINGTON, Dec 10 (Reuters) – At the 11th hour of a
scramble by the U.S. Congress to keep the federal government
funded and open, Republicans in the House of Representatives on
Wednesday called for making a handful of temporary tax breaks
for charitable giving permanent.
The last-minute move, led by Republican Representative Dave
Camp, drew criticism from Democrats. They said his plan would
add $11 billion to the national debt because it offers no new
sources of tax revenue to offset the drain on the federal budget
that making the tax breaks permanent would impose.
WASHINGTON (Reuters) – The U.S. Congress is expected this week to put off until 2015 any decisive action on a tangle of Internet tax issues, including online access taxes and online state sales taxes.
Though technically separate, the two have become entwined by political maneuvering, with a holding action in the works on Capitol Hill, according to analysts and lobbyists.
WASHINGTON, Dec 3 (Reuters) – Moving to allay uncertainty
about the 2014 tax year, the U.S. House of Representatives voted
overwhelmingly on Wednesday to renew a wide-ranging package of
temporary tax breaks, known as the “extenders,” postponing
further debate on them to 2015.
The 55-item package of tax breaks includes ones for business
research costs and depreciation schedules, multinational
corporations’ tax avoidance strategies, teachers, commuters,
green energy, racehorse owners and Hollywood studios.