May 28, 2013 |
Apple Inc.'s success at avoiding billions of dollars in U.S. taxes through some (apparently) legal maneuvers has tax pundits pointing their guns at the corporate tax system. The case has revived numerous hoary cures for the supposed evil of corporate taxes. The cures include abolishing the corporate tax altogether, turning it into a pure "territorial" system that taxes multinational firms only in proportion to the income generated within the United States, declaring a tax "holiday" allowing businesses to repatriate cash parked overseas (where it is taxed at vanishingly small rates, like Apple's)
May 23, 2013 |
LONDON - European leaders fired a warning shot in the battle against multinational companies that exploit loopholes or set up complicated schemes to minimize their tax bills, calling for collective action to thwart such practices. Britain, France and Germany are pushing for the European Union's 27 member nations to share financial intelligence and cooperate on other steps to crack down on corporate tax avoidance, which has emerged as a hot-button political issue on both sides of the Atlantic.
May 22, 2013 |
LONDON -- European leaders gathered in Brussels on Wednesday to discuss how to clamp down on multinational companies that exploit loopholes or set up complex accounting schemes to lower their tax bills. Taking on an issue that has also become prominent in the United States, countries such as Britain, France and Germany are pushing for the European Union's 27 member states to share financial information and take other collective action to curb corporate tax avoidance. In recent months, Google, Amazon and Starbucks, among other companies, have been the targets of criticism in Europe for allegedly trying to pay as little tax as possible.
March 20, 2013 |
WASHINGTON -- If the world's major economies had a competition like the NCAA basketball tournament, the U.S. would enter as the No. 1 seed -- but a leading business group said the nation's corporate tax policies would get it bounced in the first round. The Business Roundtable is using the start of March Madness this week to push Washington to reduce corporate tax rates. The group has created an interactive, 16-nation bracket to compare the countries' corporate tax policies. Despite being seeded No. 1 because of the size of its economy, the U.S. gets upset by No. 16 Norway.
February 27, 2013 |
WASHINGTON -- Economic times are tough, but more Americans -- nearly 9 in 10 -- say it is "not at all acceptable" for people to cheat on their income taxes, according to a 2012 survey by the Internal Revenue Service. The 87% figure was up 3 percentage points from the 2011 Taxpayer Attitude Survey, conducted by the IRS Oversight Board, an independent panel that tries to help the agency better serve the public. Just 11% of respondents said it was acceptable to cheat on their income taxes, either "a little here and there" or "as much as possible.
February 13, 2013 |
WASHINGTON - Republican senators hit Treasury secretary nominee Jacob J. Lew with tough questions about his tenure as a top executive at Citigroup Inc. in the years leading up to the financial crisis, but the former White House chief of staff appeared to avoid any major controversy that could derail his confirmation. "Frankly, I think you've done really well," Sen. Orrin Hatch (R-Utah), one of the most aggressive questioners, told Lew at the end of his three-hour confirmation hearing Wednesday.