Trump’s flexible tax agenda. A year ago Donald Trump proposed an ambitious, expensive, and controversial tax plan. A month ago, he proposed a different, somewhat less controversial plan. Yesterday, he rolled out version 3.0. TPC’s Howard Gleckman describes the latest and shows how it has evolved. He notes that the revisions are more than mere clarifications or tweaks, they are major changes.
Tune in this morning for a talk on dynamic scoring. The discussion will focus on the various ways to model major tax changes. Check out the live stream here at 10:00 am.
Treasury makes it harder for US multinationals to reduce their US tax bills. Treasury has issued legal guidance to limit the use of foreign tax credits by American companies to reduce their tax bills at home. All companies required by a foreign government to pay additional taxes must follow the new rule. It’s not yet clear how this rule might affect Apple. European Union regulators say the tech giant has to pay $14.6 billion in back taxes to Ireland.
As for Google’s tax bill in Indonesia… The Indonesian tax office plans to investigate whether the tech company failed to pay taxes on billions of dollars in advertising revenue. The government says Google did not cooperate with its April request to examine the firm’s tax reports. The refusal apparently raised some suspicion.
The IRS Commissioner won’t be impeached… yet. Republican leaders have delayed a vote to impeach Commissioner John Koskinen until after the November election. A hearing on the articles of impeachment will take place next Wednesday, at which Koskinen will testify.
Federal workers could soon pay Uber fares with pre-tax dollars. For a little while, anyway. The House Oversight and Government Reform Committee just advanced a bill to temporarily allow federal workers to use transit benefits for Uber, Lyft, and bike-rental programs like Capital Bikeshare. The measure is an attempt to respond to major repairs and service disruptions by Metro, D.C.’s subway system.
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