Earlier this month, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) closed the first round of public comment ahead of the rulemaking on the historic, bipartisan Corporate Transparency Act (CTA), passed this year by Congress to end the abuse of anonymous U.S. shell companies.
Today is May 17, which due to an IRS extension is this year’s tax day. The annual deadline comes as a reminder that–while most of us scramble to pay what we owe–some of the wealthiest among us pay little to nothing in taxes.
Fast on the heels of the Leaders’ Summit on Climate hosted by the United States last week, the Biden administration will start working in earnest to advance its American Jobs Plan in Congress. Infrastructure investments aimed at combating climate change are at the center of the plan designed to spur emissions-reducing actions, generate economic growth and create jobs.
When people think of the corporate tax cuts that were included in the so-called Tax Cuts and Jobs Act (TCJA) enacted by Trump and congressional Republicans in 2017, they usually think of the reduction in the corporate tax rate from 35 percent to 21 percent. But that was not the only corporate giveaway.
In a 2019 report FACT pointed out the growing momentum for tax transparency. Now, it seems, that growth is explosive.
In February, FACT member Transparency international released a report outlining perceived corruption globally. Adding to a troubling trend over the last few years, the U.S. again fell in its ranking with its lowest score since 2012.
