Congress’ final reconciliation bill moves nearly every aspect of the tax code in the wrong direction, gutting essential programs and job-creating green energy incentives in favor of highly regressive tax cuts for wealthy individuals and multinational corporations.
Small steps in the right direction do not address the core problem of our international tax code: there is no reason to keep giving tax breaks to companies when they move profits and jobs overseas.
Lawmakers, small business groups, national security experts, and law enforcement organizations speak out against Treasury’s gutting of the Corporate Transparency Act, and Senate tax negotiations could decide the fate of tax loopholes for U.S. multinational companies.
FACT makes the connection between the recent rollout and worldwide tariffs and US corporate tax policy, and is cited by several news outlets across our issue areas in this edition of Just the FACTs.
Whether effective or not, tariffs are meant to react to a very real problem: the decades-long collapse of what was once a dynamic U.S. manufacturing base. Our current tax policy has only made that problem worse.
New country-by-country reporting requirements for major multinationals doing business in Australia represent massive breakthrough for global tax transparency, and Treasury appeals misguided nationwide injunction against enforcement of the Corporate Transparency Act.
