tax

In the past few years, countries have talked about making big changes to the tax rules that affect multinational businesses.

Texas still has a lot of money coming in, and cutting property taxes is a top goal for the Lone Star State. But the most recent legislative session finished in a stalemate because the Senate and the House of Representatives couldn't agree on how to lower property taxes. The current special sitting of the legislature seems to be stuck as well.

The expression, which gained popularity during America's own revolution, is a tribute to a well-known Englishman who opposed King Charles I's 'ship tax.'

The people in charge of the economy in Norway forgot a very easy lesson, and now they can do little but watch as the people who make money in their country leave.

The greatest source of money for the federal government is the individual income tax. For tax year 2020, the third one under the modifications introduced by the Tax Cuts and Jobs Act (TCJA), taxpayers submitted more than 164 million individual income tax returns.

With the passing of the June solstice, summer officially began and most state legislative sessions came to a conclusion. Many states are starting to put new policies into effect now that were passed during this year's legislative session (or are being phased in gradually).

The American Families and Jobs Act, a package of three new tax bills proposed by House Republicans, would, among other things, limit many recently enacted green energy tax credits, create a bonus standard deduction for individuals through 2025, and temporarily extend a number of business provisions from the Tax Cuts and Jobs Act (TCJA). These provisions include 100 percent expensing for equipment and research and development (R&D) investments through the end of 2025.

The Joint Committee on Taxation (JCT) looked at the impact of adopting the OECD's Pillar Two in a recently report. The analysis looks at the current law for multinational enterprises (MNEs), explains how the Pillar Two deal works, and gives JCT's opinion on how the deal might affect government revenue.

Rep. Jason Smith (R-MO) introduced a bill this month that would tell the Treasury to make a list of countries that tax U.S. taxpayers (including businesses) in unfair or extraterritorial ways, and then raise taxes on companies and people from those countries.

This month, House Republicans put out a big plan to change taxes that would temporarily cut taxes for both businesses and people. The House GOP tax plan is meant to get businesses to spend and help people and families deal with inflation. It does neither of these things well, but some of its rules are a step in the right direction.