Bramwell's Lunch Beat: GOP Tax Plans, Apple Tax Decision, ‘Jock Tax’by
Republican candidates push bold tax plans
GOP presidential candidates are competing to propose dramatic changes to tax policy that go well beyond the party's previous platforms, wrote Richard Rubin of the Wall Street Journal. Nearly all the GOP candidates â who will meet again Tuesday evening in a debate hosted by Fox Business Network and the Wall Street Journal â are promoting at least one tax idea the party hasn't tried to sell to a general-election audience. Among them: eliminating both payroll and corporate taxes and introducing a broader business tax in their place. Front-runner Donald Trump has proposed a tax cut that by one estimate would put federal collections at their lowest since World War II. âThe next guy that's announcing his plan, he's going to announce a plan that's bigger and bolder and better than the last guy. And then he can win that debate,â said Alex Brill, a former GOP congressional tax staffer now at the American Enterprise Institute.
Ireland still sees EU tax decision on Apple by year-end
Ireland continues to expect European Union (EU) regulators to issue a decision on the country's tax deal with Apple before the end of the year, the country's finance minister said on Monday, a move which could force the iPhone maker to pay substantial back taxes, wrote Francesco Guarascio of Reuters. âWe are expecting an adjudication on Apple maybe in the next few weeks, but certainly between now and Christmas,â said Irish Finance Minister Michael Noonan. The European Commission has already ordered Dutch authorities to recover up to 30 million euros ($32.23 million) from US coffee chain Starbucks and Luxembourg to do the same with Fiat Chrysler for their tax deals. Rulings on Apple and Amazon's tax arrangement with Luxembourg authorities are still pending. Apple said in April the EU investigation could have a material impact.
Facebook, McDonald's and Amazon among 11 companies to face EU tax grilling
It's not just Apple and Amazon in the EU's crosshairs. According to an article by Stephanie Bodoni of Bloomberg, Barclays PLC and McDonald's Corp. are also among 11 firms, which also include Amazon, that will appear at a meeting of the European Parliament's special tax committee on Nov. 16. An earlier hearing was scuttled when nearly all the corporate invitees turned lawmakers down. The companies will be questioned by EU lawmakers about low-tax deals. The parliamentary probe was started after documents leaked by a group of investigative journalists showed that Luxembourg alone struck hundreds of secret fiscal deals known as tax rulings with companies from around the world â from PepsiCo Inc. to Walt Disney Co. Amazon, which has more than 1,000 people working in the tiny nation, said in a US filing that its taxes could increase in case of a negative decision by the EU.
US Supreme Court rejects Cleveland's appeal over âjock tax'
The US Supreme Court has rejected an appeal from the city of Cleveland over its formula for taxing visiting professional athletes for their work in the city, the Associated Press reported. The justices on Monday let stand a lower court ruling that said the city's method of taxing athletes based on the share of all their games that are played in Cleveland violates players' due process rights. The Ohio Supreme Court has ruled that the city must assess taxes based on players' Cleveland work as a share of their total number of working days per year, not just their games, as is common elsewhere.
- Lew: MyRA the âsteppingstone' to savings (Yahoo! Finance)
- Models for Kevin Brady on leading the House Ways and Means Committee (Wall Street Journal)
- Republicans all agree we need tax reform, but Sen. Ted Cruz's plan holds the most promise (Daily Caller)
- The global taxers are after you (Washington Times)
- Dell's EMC deal could fall apart on tax rule (re/code)
- Renting your home on Airbnb? Be aware of the tax consequences (Forbes)
- As tax season approaches, TurboTax rolls back software changes from last year (Forbes)
- Will the Obamacare Cadillac tax increase worker wages? (Forbes)
- Of course you can avoid tax credit cuts by having tax rises (Forbes)
- UK Serious Fraud Office ends accounting fraud case against Olympus (Bloomberg)