At an event discussing the prospects for tax reform at the Urban-Brookings Tax Policy Center, Alan Auerbach, the architect of the GOP tax reform proposal, admits three major flaws with the plan.
In recent weeks, the Republican congressional leadership’s effort to introduce a comprehensive tax reform bill has increasingly faced opposition from major business groups and skeptical lawmakers from across the aisle. The primary source of dissent thus far is that the most prominent tax framework, the House GOP’s “Better Way” tax blueprint, contains a radical provision to apply a border adjustment to pay for a cut in the rate from 35 to 20 percent.
A new report from the Institute on Taxation and Economic Policy (ITEP) released today finds that this border adjustment tax would be regressive and loophole-ridden and would likely violate international trade agreements.
Statement by the FACT Coalition on ITEP Study
WASHINGTON, D.C. – A new report published Wednesday by the Institute on Taxation and Economic Policy (ITEP) explains—among other things—how the House tax plan fails to curtail tax avoidance, contrary to the conventional wisdom in Washington.
“Partnership to Build America Act” and the “Infrastructure 2.0 Act” Would Exacerbate Offshore Tax Haven Abuse
The FACT Coalition sent two letters up to House lawmakers this week opposing a couple of egregious tax giveaways that are expected to be re-introduced by Rep. John Delaney (D-MD) in the near future.
Titled the “Partnership to Build America Act” and the “Infrastructure 2.0 Act”, both measures seek to offer multinational tax avoiders a reward under the premise that the measures might raise some revenue for infrastructure funding. The question is: at what cost?
The FACT Coalition sent a letter to House lawmakers Monday urging them to oppose the “Infrastructure 2.0 Act,” or similar successor legislation, which is expected to be re-introduced by Rep. John Delaney (D-MD) in the near future.
Statement by FACT Deputy Executive Director Clark Gascoigne
WASHINGTON, D.C. – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington. It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.
