OECD floats a global corporate minimum tax. In its latest effort to prevent profit shifting and other tax avoidance efforts, the group that represents most of the world’s largest economies has proposed a minimum levy that could apply to all its members. The draft is conceptual only and does not propose a specific rate or address other design issues. Last month the group proposed allowing member countries to tax multinationals even if the firms do not have a physical presence in their jurisdiction.
Trump’s lawyers ask the Supreme Court to hear an appeal on his NY tax return dispute. The president’s attorneys will petition the Supreme Court on Thursday to review a federal appeals court decision that upholds the Manhattan district attorney’s subpoena demanding the president's tax returns from Mazars USA.
The TCJA: That “turbo boost” looks more like a “coast.” The Tax Cuts and Jobs Act, according to its proponents, was to turbo charge the economy with business investment. But over the past two quarters, capital spending has contracted. The Hill looks at how the TCJA’s critics and backers view the trend.
Investors in big real estate funds are making bank in Philadelphia, thanks to the TCJA. TPC’s Steve Rosenthal tells The Philadelphia Inquirer that “rich investors, not small businesses” are benefiting from the break available for real estate investment trusts, or REITs. Under the TCJA, the trusts qualify as pass-through entities eligible for a 20-percent income tax deduction.
Germany moves to reduce its 19-percent “tampon tax.” The German parliament will finalize details of the tax rate reduction in its 2020 tax amendments. Until now, Germany (like many other countries) taxed tampons, pads, and menstrual cups as “luxuries.” By contrast, Germany taxes other products like cut flowers and pet goldfish as ordinary consumer goods at 7 percent.
IRS/TPC Research Conference Call for Papers, due December 2. The 10th Annual IRS/TPC Research Conference on Tax Administration will take place on June 18, 2020. Proposals for papers are due on December 2, 2019. Subjects include measuring and influencing taxpayer compliance, estimating costs of compliance, tax complexity, improving tax administration, and understanding the nature and behavior of taxpayers. More information on the call for papers and submitting a proposal is here.
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