In one of the more unusual tactics to bring the United States into compliance with international agreements, the Biden administration has signed on to a global tax agreement that gives Congress the choice of either approving the deal or watching American companies suffer from foreign tax penalties. Congress this week said it would do neither….
GOP Fights Biden Deal That Lets Other Countries Tax US-Based Profits
February 4, 2023
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Republicans Warn Biden’s IRS $600 Disclosure Plan Could Lead to ‘Surveillance State’
Republicans are sounding the alarm over a proposal tucked inside the Democrats’ 2,500-page $3.5 trillion Build Back Better Act that would expand the Internal Revenue Service (IRS) and allow the agency to have access to any bank transaction of $600 or more. The proposal would give the IRS further access to anyone’s financial information, which Republicans say…
Sen. Manchin is “Very Persuadable” to Voting in Favor of $3.5 Trillion Budget: White House Chief of Staff
In response to an op-ed written by Sen. Joe Manchin (D-W.Va.) in which the senator said he opposed the $3.5 trillion budget resolution, White House chief of staff Ron Klain said that Manchin can be convinced to vote in favor of the budget resolution because it is fully paid for through tax increases on the…
Treasury Report on Biden’s ‘Made in America’ Tax Plan Shows Corporations on the Hook for Trillions
The Treasury has released a detailed report on President Joe Biden’s “Made in America Tax Plan,” which has the administration putting corporate America on the hook for the tab for the sweeping $2.25 trillion infrastructure package, through measures that include reducing opportunities—such as investing offshore and shifting profits—for corporations to pay lower taxes. The report…
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