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Gov. Tom Wolf and the Republican-controlled state legislature have found something to agree on: Pennsylvania’s corporate net income tax, the second-highest in the nation, costs the state more in lost business than it collects in revenue. The legislature should immediately pass the outgoing governor’s proposal to cut the corporate tax from 9.99% to 7.99% starting in 2023. That would move the state outside the top 10 highest CNI states, although it would still leave Pennsylvania at a disadvantage compared to nearby competitors like New York (6.5%) and Virginia (6%). After that, there are two ideas on the table for lowering...

The biggest domestic Irish companies, as well as major multinationals, would face a new minimum corporate tax rate of 15 percent, under plans to be put forward by the European Commission on Wednesday. The move comes in a draft directive to be published in Brussels to mandate the Organization for Economic Cooperation and Development (OECD) plan for a minimum corporate tax rate across the Union.Earlier this week the OECD published detailed proposals for its proposed minimum effective corporate tax rate of 15 percent, to apply to multinationals with a turnover of over €750 million. Ireland had earlier signed up to...

Nine countries have refused to sign onto an international tax reform framework that includes a 15 percent global minimum corporate tax pushed by the Biden administration as a way to reduce international tax arbitrage by U.S. multinationals and blunt the impact of President Joe Biden’s proposed domestic corporate tax hike. While officials from 130 out of 139 countries in the so-called OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting agreed last week to establish the new framework, Ireland, Estonia, Hungary, Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria, and Kenya did not sign the agreement. Irish Finance...

The Group of Seven (G7) nations, including the United States and six other wealthy countries, recently announced they had reached an agreement to impose a minimum global corporate tax rate on multinational companies and would be amending long-held international tax principles and rules. Treasury Secretary Janet Yellen hailed the announcement as a victory that would end the global “race to the bottom” on taxation. But in truth, what the G-7 proposed is a bad deal for America’s sovereignty, American businesses, and taxpayers.The agreement has two main components. The first is to implement a new tax rule. Currently, corporations pay taxes...

A top official at the Organization for Economic Cooperation and Development (OECD), which is hosting talks on a global corporate tax being pushed by the Biden administration, said a 15 percent minimum rate would be a “very significant step forward” that still leaves countries with enough scope to compete to attract multinationals to their jurisdictions.OECD Secretary-General Mathias Cormann made the remarks in an interview with Bloomberg on June 7, which followed a landmark agreement on the tax on June 5 among senior officials from the Group of Seven (G-7) countries, which includes the United States. The G-7 countries agreed to...

The U.S. is asking other countries to agree to a 15% global minimum corporate tax, as part of international efforts to dissuade companies from seeking lower taxes outside of their home nations, Bloomberg News reported. “A global corporate minimum tax rate would ensure the global economy thrives based on a more level playing field in the taxation of multinational corporations,” the Treasury Department tweeted.

EBay Inc., the online auction company with 180 million buyers around the world, earned $34 million of profit in Florida in 2014, according to state auditors. At Florida’s official corporate income tax rate of 5.5 percent, eBay should have paid more than $1.8 million in state taxes -- enough money to hire 40 new teachers. But records show eBay actually paid $18,810 -- not even enough to hire one. It’s not an isolated example. Auditors say Sanofi Pasteur Inc., one of the world’s largest vaccine manufacturers, earned an estimated $55 million of profits in Florida between 2008 and 2013 --...

For a nation accustomed to instant gratification, the Tax Cuts and Jobs Act is a winner.Before President Donald Trump even signed the bill, companies were announcing employee pay raises, bonuses, and increased investments to grow their businesses and bring operations back from overseas.Among the first out of the gate was AT&T, which said it would give $1,000 bonuses to more than 200,000 nonmanagement employees and make an additional $1 billion investment in the United States. Boeing put $100 million toward training, education, and other workforce development. Walmart expanded paid parental leave and boosted starting wages to $11 an hour.Then in...

The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces business taxes, increases the standard deduction, and eliminates many tax loopholes and deductions. Congress passed historic, far-reaching tax reform legislation this week, and President Donald Trump is expected to sign it into law soon after some technical fixes. The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces corporate and small business taxes, increases the standard deduction for individuals and couples, and eliminates many tax loopholes and deductions.Since Republicans first rolled out their plan to implement tax reform, liberal pundits and Democrats...

President Trump and Republican leaders plan to cut the top tax rate for the wealthiest Americans to 35 percent and dramatically reduce taxes on big and small businesses, according to details leaked to Axios. Why it matters: It's the first glimpse of the tax reform plan agreed upon in secret between the "Big Six" congressional leaders and administration officials. It forms the starting point of the tax reform process, which will play out over the coming months. The big change: The GOP leaders and the White House plan to cut the top tax rate for “pass through" businesses from...

Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (£171.6 billion) of profit offshore last year. The tech giant was able to save $65.08 billion (£51.1 billion) that it should have paid in tax thanks to its convoluted arrangements. The report revealed that last year three quarters of the Fortune 500 companies use subsidiaries in offshore tax havens where they sent a total of $2.42 trillion (£1.9 trillion) of income. In the US alone this amounted to $715.62 billion (£561.9 billion) in tax which they avoided paying. The report of said...

A massive $2.8 billion annual corporate tax hike is likely headed to Oregon voters in November, a move that could create the most aggressive tax climate for big business of any state in the nation. The ballot proposal comes as raising taxes on the wealthy and large corporations is at the forefront of a national debate — especially among Democratic progressives such as Bernie Sanders and much of Oregon’s electorate — about how to close the gaping economic disparities between rich and poor in a post-Great Recession era. The proposal’s labor-union backers are just one step from getting the measure...

The rap on Donald Trump is he's all bluster. The New York Times says he's offering "incoherent mishmash." GOP rival Ted Cruz claims Trump has "no idea" how to fix the economy. Don't' believe it. The Trump campaign is putting forward proposals to fix problems facing the nation, from the long waits for medical care at the VA to the impending collapse of Obamacare. Check out Trump's economic plan, for starters. Unlike Hillary Clinton's radical anti-business agenda, Trump's plan would actually help unemployed Americans get back to work. Trump slashes the corporate tax rate to 15 percent, down from the...

Manufacturing was the economic growth engine of United States. It helped to create the high paying jobs, improved living standards, national wealth, military might, and tax revenues. Unfortunately, there has been a dramatic decline in the above scenario for the United States in the 21st century. The U.S is rapidly turning into non-Super Power second rate country. Manufacturing is the basis for research and development and National Defense and once represented more than 28% of the jobs in the U.S. Although the absolute number of jobs in American manufacturing was rather constant at about 17 million from 1969 to 2002,...

Billionaire investor and longtime Donald Trump supporter Carl Icahn announced he is launching a $150 million super PAC to revise corporate tax law. Trump has indicated Icahn may be his choice for Treasury secretary should he win his bid for president. Icahn, in a letter to House and Senate leaders, said he wants Congress to pass legislation that will stop U.S. companies from moving profits overseas for lower tax rates, formally known as corporate tax inversions. He said lawmakers must be "accountable for the current gridlock in Congress that prevents important legislation from being passed." "In the last few years...

Ireland will probably face censure from European authorities within months in relation to its tax dealings with Apple, according to a person with knowledge of the matter. A finding against Ireland will spark a legal battle that may last years, as the government is ready to fight the decision in the European Union Court of Justice, it’s understood. In preliminary findings last year, European antitrust authorities said Apple’s tax arrangements were improperly designed to give the iPhone maker a financial boost in exchange for jobs in the country. Apple said in 2013 it had paid an effective tax rate of...

It may have escaped the attention of Baltimoreans but things have gotten a little testy in the New York-New Jersey area in recent weeks over the state of century-old rail tunnels running under the Hudson River. The deteriorating condition of the tunnels is threatening Amtrak and other rail service, but how to pay for a $14 billion-plus replacement has proven a challenge. Unfortunately, that's not just a problem for New York City but for Baltimore and other stops along Amtrak's Northeast Corridor, the nation's most heavily traveled railway handling more than 750,000 passengers a day. The stations in Baltimore and...

Rep. John Delaney was in Hagerstown Wednesday to pitch his proposal for long-term funding of transportation and other infrastructure projects by repatriating the overseas earnings of American corporations. "There hasn't been anything really transformative to put a lot of money into infrastructure," Delaney, D-Md., told a small group of businesspeople at Bulls & Bears restaurant. He pointed out that the federal gas tax — the primary source of revenue for the Highway Trust Fund — has not been increased since the early 1990s, in part, because it is politically unpopular. It also is a regressive tax that hits lower-income people...

Here we go again. White House press secretary Josh Earnest has officially confirmed that President Barack Obama plans to implement yet another executive order. This one is slated to send tax rates skyrocketing through the roof! The hoopla started last Friday, when Vermont Sen. Bernie Sanders submitted a letter to the White House that asked the president to nullify six currently active corporate tax breaks. Closing these tax breaks would raise $100 billion in a decade, but also cost us innumerable jobs. When questioned about this letter by Ed Henry, senior White House correspondent with Fox News, Earnest first tried...

White House Press Secretary Josh Earnest confirmed Monday that President Obama is "very interested" in the idea of raising taxes through unitlateral executive action. "The president certainly has not indicated any reticence in using his executive authority to try and advance an agenda that benefits middle class Americans," Earnest said in response to a question about Sen. Bernie Sanders (I-VT) calling on Obama to raise more than $100 billion in taxes through IRS executive action. "Now I don't want to leave you with the impression that there is some imminent announcement, there is not, at least that I know of,"...