Inadequate funding for the U.S. Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI) jeopardizes the enforcement of new U.S. sanctions in light of President Putin’s unlawful invasion of Ukraine.
Section 163(n) would protect the U.S. tax base by ending the practice in which multinational corporations take excessive interest deductions against U.S. taxable income that do not reflect commensurate investment in U.S. markets
An Overview of US International Corporate Tax Laws and a Comparison of Build Back Better Proposals to Fix Them
Concerns about competitiveness and how the OECD negotiations may interact with U.S. international tax reform consistent with the President’s Made in America Tax Plan, the Senate Finance Committee Framework for International Tax Reform, and the No Tax Breaks for Outsourcing Act, or NTBOA (H.R. 1785), are overstated—or, worse—purposefully misleading. To improve competitiveness for American working families and domestic businesses, and to ensure an OECD agreement is reached, Congress should act now on U.S. international tax reform.
An Overview of US International Corporate Tax Laws and a Comparison of Current Proposed Plans to Change Them
US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.