A change could come to the 35% U.S. corporate tax rate if the president gets his way, but if not, expect more companies to go Irish...
Read more...
corporate tax rate irs
Article Index
U.S. Corporate Tax Rate Makes Ireland the M&A Hotspot
Beware: The IRS Is Putting More and More Armed Agents in the Field
Start the conversation
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
"A Career In Action! As an IRS Criminal Investigation (CI) Special Agent, you will pull together your accounting and law enforcement skills. CI special agents are duly sworn law enforcement officers who investigate complex financial crimes associated with tax evasion, money laundering, narcotics, public corruption, and much more. Are You Ready For The Challenge?" - from www.irs.gov
Now that sounds exciting. Part accountant... Part cop... All IRS. Opening soon at a theater near you.
But what would the Internal Revenue Service do with armed agents? We've already seen what the IRS can do when it's not packin' heat. They wield considerable power to collect taxes, or at least make lives miserable, so why would they require the extra coercive power of firearms?
The IRS doesn't exactly advertise the fact that they field armed, sworn officers, but they have been making more appearances lately.
To continue reading, please click here…
Why Forcing U.S. Companies to Bring Cash Home is a Bad Idea
Start the conversation
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
The federal government would love nothing more than to apply the 35% corporate tax to the estimated $1.7 trillion in cash U.S. multinational companies have designated as foreign investments - and outside the grasp of the Internal Revenue Service.
U.S. companies don't have to pay tax on profits made overseas unless they bring the cash home.
While eliminating this break looks tempting - the Congressional Budget Office (CBO) estimated in a report this month that it would generate $114 billion in revenue over 10 years - such a move could have a variety of negative consequences that would hurt U.S companies as well as the U.S. economy.
One problem is that eliminating the break would put a major burden on many U.S. companies, which use the loophole specifically to avoid the 35% corporate tax rate - among the highest in the world.
The result is that billions in profits never get repatriated to the U.S. Most of the cash holdings of many major U.S. companies, in fact, technically reside overseas. Microsoft, for example, holds 87% of its cash in foreign-controlled accounts.
To continue reading, please click here...
- FACEBOOK COMMENTS
Start the conversation