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President’s Budget Targets Inversions

The Obama Administration has corporate “inversions” in its sights.  On March 4, the Administration’s 2015 budget was released, and it includes a provision which would significantly lower the ownership thresholds to keep “inverted” companies within the U.S. taxing power. The budget would make changes to section 7874, which was enacted in 2003 and targets “inversion...

President’s 2015 Budget Includes New Tax Proposals

On March 4, the President released the 2015 annual budget, which included both new and old tax proposals.  We will be posting further on some of these proposals, and the Administration’s entire explanation of the revenue proposals, aka the Greenbook, can be found here.

Damn the Torpedoes — Full Speed Ahead! Camp and President Pushing Tax Changes

Even as the prospects for comprehensive tax reform dim, House Ways and Means Chairman Dave Camp (R-Mich.) and President Obama are pushing forward with proposals to change the tax code. Rep. Camp has said that he is going to release a comprehensive tax reform plan, a move that House GOP leadership has thwarted in the past.  The Chairman’s plan could be released as early as the week of...

Tax Reform Gets (quick) Shout Out in State of the Union

In Tuesday’s State of the Union, President Obama renewed his call for business tax reform, but the issue only merited four sentences in the approximately hour-long address.  The President said: “Both Democrats and Republicans have argued that our tax code is riddled with wasteful, complicated loopholes that punish businesses investing here, and reward companies that keep profits...

Obama Administration Considers Using Executive Authority to Change Tax Policy

With comprehensive tax reform stalling in Congress, some are suggesting the Administration may take tax matters into its own hands. On January 21, Heather Zichal, President Barack Obama’s former top energy and climate aide, said that the Obama administration is considering using existing executive authority to make changes to tax policies with respect to renewable energy...

Bipartisan Budget Talks Break Down Over Revenues…Again

Bipartisan budget talks between the White House and a group of Republican Senators have broken down, at least temporarily, dashing hopes of a “grand bargain” covering the budget, taxes, the sequester, and the debt ceiling. The best shot at near-term tax reform may be a comprehensive deal, but this failed round of talks may damage reform’s prospects. President Obama and his staff...

Responses to Obama Corporate Tax Proposal Reflect Difficulty of Tax Reform

President Obama jumped into the tax reform debate, proposing to reduce corporate tax rates from 35% to 28% while at the same time reducing or eliminating certain (as-of-yet-unnamed) business deductions.  According to the President, the corporate tax reform plan will simplify corporate taxes and raise revenue, which will then be used to fund (also unnamed) job growth proposals. Senate...

President Obama Offers Corporate Rate Cuts for New Jobs

President Barack Obama announced a “grand bargain for middle class jobs” at a speech today in Tennessee.  Dropping his past insistence on a reform of individual taxes, the President is now proposing a reduction in corporate tax rates, coupled with a one-time “significant investment in middle class jobs.”  Administration officials said that revenues to pay for the domestic...

U.S. Pushes Global Information Exchange at G8 Summit

The U.S. hopes to build international consensus around combating tax evasion and corporate profit shifting at this week’s G8 meeting in Northern Ireland.  Specifically, the U.S. is pushing a single global standard of information exchange, based on the Foreign Account Tax Compliance Act (better known as FATCA).  In comments to reporters, President Obama’s special assistant for...

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