Michelle Surka

Treasury Department Building

Treasury Toying with Making Tax Avoidance Easier

Sometimes the long drive towards a more equitable and reasonable tax system feels like it’s one step forward, two steps back.

This month, the two steps back we risk taking come in the form of unraveling a Treasury rule established under the Obama administration. Thanks to an executive order from the Trump administration, Section 385 is currently being reviewed by the Treasury Department. The rule takes aim at curbing corporate tax haven abuse — the hallmark of a tax system rigged for the few biggest multinational corporations. Preliminary estimates from Treasury found that it’s impact on offshore tax avoidance would be significant considering that the rule would raise $7.4 billion over 10 years.

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First Gambit in Tax Reform Debate a Threat to Taxpayers

A Recent Executive Order Threatens to Roll Back Safeguards against Offshore Tax Avoidance
The tax reform battle in Congress is looking to be a long, hard-fought one, but the president’s recent executive order shows that there may be no need to wait to start giving huge tax breaks to corporate giants.

The executive order, signed late last month, calls on the Treasury Department to review all “significant” tax regulations issued on or after January 1, 2016. Included in this window are rules curtailing earnings stripping and corporate inversions for the purpose of tax avoidance.


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Tax Day for You, Tax Holiday for Multinationals

State Legislators are Increasingly Stepping in to Combat Offshore Tax Haven Abuse
It’s Tax Day. Odds are, you’ve already filed your taxes. Maybe you filed through a tax filing software, or maybe you hired an accountant to help you puzzle through the deductions you might be eligible for. Or, maybe you filed yourself, old-school-style, filling out your 1040 in your kitchen. Or, maybe you forgot, and this blog will serve as a last-second reminder—go file your taxes!

All of this is to say: you’ve fulfilled your tax responsibilities.  No doubt, the biggest corporations have filed theirs’s too.   But, unlike you, they have an army of accountants to ensure they take advantage of every last loophole and gimmick to cut down on their tax liability to near nothing.

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