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IRS Scandal Fast Facts - Local News 8
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IRS Scandal Fast Facts
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Biden wants to crack down on corporate tax loopholes, resuming a battle his predecessors lost David J. Lynch President Biden speaks in the East Room of the White House last week. (Andrew Harnik/AP) President Biden wants to stop U.S. companies from hiding their profits in offshore tax havens such as the Cayman Islands and Bermuda. He’ll hardly be the first Oval Office occupant to try. When President Barack Obama wanted to stop U.S. corporations from using a tax dodge he scorned as “unpatriotic,” the Treasury Department rewrote the rules governing cross-border deals known as inversions. Such maneuvers allowed U.S. multinational corporations to effectively transform themselves for tax purposes into foreign companies by merging with an overseas business. American icons such as Sara Lee had used the technique in recent years and dozens of other companies were said to be readying similar moves when the Treasury Department acted in September 2014. Biden
Corporations avoid tax bills despite reform efforts - The Washington Post
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By Dimitri Simes | April 14, 2021 | 6:39pm EDT
Russian Foreign Minister Sergei Lavrov. (Photo by Antonio Masiello/Getty Images)
Moscow (CNSNews.com) – Russia is “working actively” to move away from the U.S. dollar and Western payment systems, Foreign Minister Sergei Lavrov said during a visit to Iran this week.
During an interview with Iran’s state-owned IRNA news agency. Lavrov argued that U.S. sanctions against the Iranian regime made “it important to step up efforts to reduce risks associated with sanctions and potential expenses for economic operators.”
“In particular, gradual steps should be taken to move towards de-dollarization of national economies and transition to payments in national or alternative currencies, as well as to stop using international payment systems controlled by the West,” he said. “Russia has been working actively to that end. We see great prospects for cooperation in that field with all interested