A group of self-proclaimed “patriotic millionaires” wants to close a loophole that allows private-equity partners to pay lower taxes on investment profit. Clinton and Trump both back the idea, too. Though efforts in Congress have failed for years, fresh momentum is building.
Democrat Hillary Clinton said on Wednesday that if the U.S. Congress does not act to close tax loopholes that benefit the wealthy and corporations, she will ask the Treasury Department to take up the issue if she is elected to the White House. “Let’s make sure that Wall Street,...
If you were around in the 1970s, you might remember Jim Rockford, the TV sleuth who lived in a trailer on the parking lot in Paradise Cove, with arguably the best view in Malibu. No next-door neighbors, just Rockford (played by the late James Garner), the rundown trailer and the beach. Rockford...
This is certainly an interesting assertion: In one deft move, Mr. Obama could instruct officials at his Treasury Department to close the so-called carried interest tax loophole that allows managers of private equity and hedge funds to pay a substantially lower federal tax rate on much of their income. Forcing these managers to pay ordinary […]
Paul Krugman complains that the media have not exposed the inconsistencies in Paul Ryan's budgets. While there is some truth to that (Ryan never identifies any of the loopholes he would close to cover the cost of lower tax rates), it...Show More Summary
Trevor Crowley (J.D. 2015, BYU), Finishing the Job on Section 356(a)(2): Closing Loopholes and Providing Consistent Treatment to Boot in Tax-Free Reorganizations, 2015 BYU L. Rev. 471 Willis Krumholz (J.D. 2015, St. Thomas), Student Article, General Electric's Tax Liability: The Case for Corporate Tax Reform, 8 U. St. Thomas J.L....
British prime minister under fire for exploiting tax loopholes he himself pledged to close; massive data leak implications spread
Hundreds of protesters descended on the spring conference of British Prime Minister David Cameron’s Conservative Party on Saturday, calling on him to close “tax loopholes” or resign. A crowd of several hundred set off from the primeShow More Summary
On April 4, the Treasury Department took action to limit “corporate inversions” – transactions in which U.S. companies move their tax residence overseas to avoid U.S. taxes. President Obama, who has highlighted the need to close the inversions loophole for years, applauded the action and called on Congress to close the inversions loophole for good. Show More Summary
Sometimes legislation requires ingenuity, foresight and critical thinking. In other cases it's just obvious. A bill that one of us, Sen. Klein, has just introduced to close the carried-interest tax... To view the full story, click the title link.
President Obama and the Treasury Department moved this week to close a tax loophole popular with larger companies. That could end up helping you in the long run.
US President calls on Congress to stop US companies from avoiding paying axes.
WASHINGTON (AP) — President Barack Obama on Tuesday championed federal steps to deter a corporate financial practice known as "tax inversions" and called on Congress to close the loophole "for good." Inversions happen when U.S. companies...Show More Summary
Closing the “carried interest” loophole would be a step toward a fairer taxation system.
Governments globally should take steps to adjust taxation systems to close loopholes allowing multinational corporations to avoid paying taxes in countries of their origin, International Monetary Fund (IMF) Managing Director Christine Lagarde said on Monday.
David Wessel: If government taxes businesses that are legally organized one way at a lower rate than businesses organized another way and it’s easy to switch, people will switch.
Will the Google-UK tax deal change corporate behavior? UK Business Secretary Sajid Javid says the government has closed over 40 tax loopholes but that more work needs to be done. He expects the Google deal—a settlement in which the firm will pay the UK $185 million in back taxes—will help change companies’ attitudes about taxation. Show More Summary
IN THAT CASE, I’M SURPRISED OBAMA HASN’T PUSHED HARDER ON THIS: Megan McArdle: Closing Tax ‘Loopholes’ Would Choke the Middle Class. Paying for new spending by “closing the loopholes” is a favorite rallying cry of almost everyone. But rarely are those people picturing giving up their own deductions for mortgage interest, employer-sponsored health insurance, dependent […]
New York Times, Hospitality and Gambling Interests Delay Closing of Billion-Dollar Tax Loophole: In the span of a mere 11 days this month, $1 billion in future federal tax payments vanished. As congressional leaders were hastily braiding together a tax and spending bill of more than 2,000 pages, lobbyists swooped...
Hospitality and Gambling Interests Delay Closing of Tax Loophole | Frank Quattrone’s Comeback