The Treasury Department has the legal authority to close some tax loopholes that Congress did not intend.
New York Times Deal Book: 8 Tax Loopholes the Obama Administration Could Close, by Victor Fleischer (San Diego): President Obama’s State of the Union address revealed a streak of assertiveness and defiance that had been sorely lacking in the tax policy world. The budget proposal for the 2016 fiscal year...
The Treasury Department has the legal authority to close some tax loopholes that Congress did not intend, writes Victor Fleischer in the Standard Deduction column.
It is hard not to notice that while policymakers are talking tax reform they are walking tax deform. The more they vow to lower tax rates and eliminate targeted tax preferences (close loopholes in Congress-speak), the more bills they push to create new subsidies or juice up old ones. Show More Summary
President Obama’s new proposal to tax capital gains at death is a welcome change that would close a huge loophole, but it suffers from a serious flaw: For some assets, it would be a record-keeping nightmare. Fortunately, there is an easy fix. Show More Summary
Last night during the State of the Union address, the president spoke briefly about taxes: “Let’s close the loopholes that lead to inequality by allowing the top one percent to avoid paying taxes on their accumulated wealth. We can use that money to help more families pay for childcare and send their kids to college. Show More Summary
The Senate’s top tax law writer accused President Barack Obama on Tuesday of undertaking “class warfare” with his plan to raise taxes on wealthier Americans to help the middle class. Republican Senator Orrin Hatch, chairman of the Senate Finance Committee, said the proposals Obama...
Death and taxes: Inevitable, but not always paired. President Obama wants to change that. In a wide-ranging tax plan he’ll highlight at tonight’s State of the Union address, he’d close “arguably the biggest loophole in the tax code for high-wealth households,” says TPC’s Len Burman. Show More Summary
The Obama administration isn't waiting until Tuesday night's State of the Union address to let the American public know about the bold plans the president will propose. Over the weekend, the administration previewed a major tax overhaul...Show More Summary
Economist Jared Bernstein: To their great credit, progressive policy makers have decided that "can we get this through the current Congress?" is not a useful question for crafting the necessarily policy agenda in our age of inequality. Show More Summary
President Obama proposes massive tax hikes on the wealthy and says the loopholes they exploit need closing. 31.8% capital gain taxes are only the beginning.
The president will suggest closing tax loopholes in State of the Union address.
President Obama will propose a scaled-back vision for tax reform and a new fee on the nation’s largest financial institutions in his State of the Union address Tuesday night, the White House said, in an effort to close loopholes for the wealthy to pay for credits for the middle class. Obama will call for the…
Rep. Chris Van Hollen (D-MD) Democrats are looking for new ways to target economic inequality. They're introducing a plan to take away some of the tax breaks that help keep money in the hands of the very richest Americans and instead give a few tax breaks to working families: The centerpiece of the proposal, set to be unveiled Monday by Rep. Show More Summary
For years, lawmakers have tossed around the idea of meaningful payday loan reform, from banning loans with annual percentage rates higher than 36% or looking to close loopholes that allow predatory lenders to claim tribal affiliation. Show More Summary
Holiday shoppers are increasingly turning to the internet to make their purchases, but Congress has yet to close a loophole that gives on-line only retailers an advantage over their bricks and mortar counterparts. Currently, online retailers that do not have a physical presence in a particular state are not required to charge sales tax to [...]
SAN FRANCISCO (Reuters) - Several of the largest U.S. retailers warned that Alibaba Group Holding Inc may "decimate" local companies unless Congress closes tax loopholes for online retailers, singling out the Chinese company before it has even established a major American consumer presence. Show More Summary
By closing the "double Irish" loophole, the country is betting that tech companies need it more than it needs them.
As expected, Ireland's Finance Minister Michael Noonan on Tuesday announced a planned end to tax breaks fostering the so-called "Double Irish" accounting scheme, which has been used to save billions of dollars for multinational tech companies like Apple.
The Street today is pondering the announcement by Ireland‘s finance minister Michael Noonan today that the country will close a tax loophole come January that has allowed some large multinationals, including Microsoft (MSFT), Google (GOOGL), Apple (AAPL), and Facebook (FB) to book profits in the country sheltered from most taxes. Show More Summary