Chandan Khanna/AFP via Getty Images
President Joe Biden wants to raise taxes on corporations. Part of his success could hinge on getting the rest of the world to go along, or, at least, trying.
It’s no secret that companies would rather not pay taxes and that they employ a litany of tricks and schemes, both domestic and international, to keep their tax bills low. Over the past 35 years, the average corporate tax rate worldwide has been more than halved, falling from 49 percent in 1985 to 23 percent now. Despite efforts to improve the international tax regime, including with the 2017 tax law put in place under President Donald Trump, companies still find a plethora of workarounds. That includes profit-shifting, where companies book profits from higher-tax jurisdictions in lower-tax jurisdictions to lower their tax bills. Profit-shifting
Nearly 7 million tax filers are in limbo and facing substantial delays in getting refunds, as the Internal Revenue Service struggles to keep up with the demands of issuing stimulus checks and implementing a myriad of tax code changes from the coronavirus relief packages.
Senior Democrats to announce $3,000-per-child benefit as Biden stimulus gains steam
Jeff Stein, The Washington Post
Feb. 7, 2021
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House Speaker Nancy Pelosi, D-Calif., speaks with Rep. Richard Neal, D-Mass., and other members of Congress to discuss the first impeachment vote against President Donald Trump in Washington in 2019.Washington Post photo by Melina Mara
WASHINGTON - Senior Democrats on Monday will unveil legislation to provide $3,000 per child to tens of millions of American families, aiming to make a major dent in child poverty as part of President Joe Biden s $1.9 trillion economic relief package.
The 22-page bill to dramatically expand direct cash benefits to American families was obtained by The Washington Post ahead of its release.
The new Tax Law Center at NYU Law aims to protect and strengthen the tax system
The newly formed Tax Law Center at NYU Law will focus on tax law issues that have profound implications for the government, businesses, and individuals. The center will be hosted by NYU Law, whose pioneering Graduate Tax Program has long recognized how tax-related issues affect all aspects of society.
The Tax Law Center will seek to protect and strengthen the nation’s tax system through rigorous, high-impact legal work in the public interest. The new center’s work will include offering technical input on tax legislation, submitting comments on tax regulations, and intervening in tax litigation, with the goals of protecting and improving the integrity of the tax system, saving and raising revenues, and advancing equity.