On October 4, 2017, the Treasury revealed its plan to dismantle eight Obama-era tax regulations that it identified as having “increased tax burdens and impeded economic growth.”
Read MoreThe Trump administration's Tax Plan was announced this morning, September 26, 2017. The plan, called the "Unified Framework for Fixing Our Broken Tax Code," amounts to nine pages of policy measures that would reduce tax rates, limit many deductions, move the U.S. to a territorial tax system with a way to repatriate permanently invested earnings free of tax, treat business income of pass-through entities at lower corporate rates, and eliminate the estate tax.
Read MoreOn December 31, 2012, sources stated that an agreement was reached regarding the fiscal cliff and the expiration of the Bush era tax cuts. The Senate passed the “American Taxpayer Relief Act of 2012” (the “Act”), early in the a.m. on January 1, 2013. The same evening, the House of Representatives followed suit. This memorandum addresses the principal changes made by the new legislation, both headline items and items affecting U.S. taxation of certain cross border income flows.
On January 1, 2013, the Bush era tax cuts were set to sunset, meaning such tax cuts would, in general, have reverted to the rates then in effect under the Clinton presidency of the 1990s. These tax increases include (but are not limited to) the following:
Read the original Client Alert: Fiscal Cliff Averted – New Tax Changes →
We are pleased to provide this overview of key U.S. tax change proposals set forth in the Treasury “General Explanations of the Administration’s FY 2010 Revenue Proposals" (the “Green Book”) which was released on May 11. The proposals in the Green Book are based on various sources including prior Treasury and Joint Committee on Taxation studies, legislative proposals, and proposals of prior Administrations. Certain aspects of the proposals seem clear:
They are meant to raise significant tax revenue to meet the nation’s fiscal crisis and government budget requirements.
They do not consider taxpayer cost of compliance.
They intend to fulfill President Obama’s campaign pledge of a widespread – but limited – tax cut for virtually all (95%) of U.S. taxpayers including small business, funded primarily with international tax reform and repeal of Bush Administration reductions in individual tax rates.
They intend to fund the cost of President Obama’s planned health care reform proposals with limitations on itemized deductions for high bracket taxpayers, improvement in tax compliance and penalty enforcement and selective tax accounting changes.
They impose significant record maintenance obligations for all persons participating in an investment in the U.S. and extend the period of limitations that will apply to violations of the record maintenance rules from three years to six years.
They continue the agoraphobia first evidenced after the September 11, 2001, terrorist attacks on the U.S., but redirect its focus to U.S. persons that are tax cheats recycling funds to the U.S. through offshore banks.
Read the original Client Alert: Treasury Report on Obama Administration Tax Proposals →
