Johnson Controls moves ahead with its move… The Milwaukee based company still plans to change its mailing address to Ireland after closing its deal with Tyco International, Treasury’s new inversion-curbing rules notwithstanding. The transaction, set to be completed in September, could yield $150 million in annual tax benefits.
John Kasich says he’s the candidate of ideas. So where is his tax plan, asks TPC’s Len Burman? In the competition for specifics, Kasich comes in a distant third to GOP presidential rivals Ted Cruz and Donald Trump, who have both proposed detailed tax plans.
A majority of Californians would pay higher taxes for schools. Teachers unions and health care organizations want the state’s November voters to extend Governor Jerry Brown’s Proposition 30. The measure increased income taxes for those earning over $250,000 to support education and health care. Sixty-two percent of state residents polled by the Public Policy Institute of California said they support the tax.
McDonald’s: Not “lovin’ it” in France. French authorities have sent McDonald's France a bill for alleged unpaid taxes. The finance ministry says the restaurant paid a Luxembourg-based affiliate for services, including its use of its brand name, to reduce McDonald's taxable profits in France. The bill could be as high as €300 million, including €100 million in fines.
Save this day in May… On Tuesday, May 3, the Urban-Brookings Tax Policy Center will examine the implications of worldwide tax changes for US tax reform in its inaugural Donald C. Lubick Symposium. The event begins at 3pm and will be webcast. The keynote speaker will be Bob Stack, Treasury’s Deputy Assistant Secretary of International Tax Affairs. TPC’s Eric Toder will moderate a panel discussion with Manal Corwin of KPMG US, David Rosenbloom of the New York University School of Law and the law firm Caplin & Drysdale, and John Samuels of Yale Law School.
On the Hill yesterday: More oversight of the IRS? The House voted to increase oversight of the IRS. The Obama administration opposes the legislation, but doesn’t plan to veto it. Among other things, the bill would prevent the IRS from rehiring employees who had previously been fired for misconduct and bar the agency from paying employees bonuses until it implements a comprehensive customer service strategy.
And next week on the Hill: Business-led requests for tariff relief? The House plans to vote on a bipartisan bill that would change the way American manufacturers request tariff relief. The current process begins with a member of Congress introducing a bill. The new measure gives businesses the ability to directly petition the International Trade Commission. This helps the House uphold its ban on earmarks.
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