Attention students: There is no “federal student tax.” The IRS warns of another scam. People posing as IRS agents are calling students to demand immediate payment of a “federal student tax” by wire transfer in order to avoid being reported to the police. IRS Commissioner John Koskinen issued a statement urging that taxpayers remain vigilant and not fall for the aggressive tactics.
There’ll be no deal between Google and France. The French finance minister Michel Sapin says the nation will “go all the way” to make sure that multinational corporations pay the taxes they owe to France. Of Google, which reached an agreement with the United Kingdom to pay $190 million in British back taxes, Sapin asserted, “We don’t do deals like Britain, we apply the law.”
Japan may hold off on a sales tax increase for a little longer. Prime Minister Shinzo Abe plans to delay an increase in sales tax from 8 percent to 10 percent until October 2019. He had previously said the increase would go into effect in April 2017, but wants to wait due to the nation’s economic woes. Finance Minister Taro Aso thinks the Japanese people should have their say. He earlier called for a dissolution of parliament and for the nation to hold a general election if the hike were delayed.
Curious about complex families and complex tax issues? TPC’s Elaine Maag, Urban Institute’s Elizabeth Peters, and Maryland CASH Campaign’s discuss the issues in a “Talking Taxes” video interview hosted by the Intuit Tax and Financial Center. The researchers’ conversation highlights findings in their latest paper.
Save this June date. The American Enterprise Institute’s Alan Viard and TPC’s Eric Toder will unveil a new corporate tax reform proposal on June 17. Viard and Toder would reduce the corporate tax rate to 15 percent and tax US shareholders’ dividends and accrued capital gains at ordinary income rates. They argue this would ensure that corporate shareholders bear their share of the tax burden. The Friday morning event will be webcast, or you can register to attend here.
Congress is in its Memorial Day recess this week. The Daily Deduction will return to its regular schedule on Monday, June 6.
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