The Organization for Economic Cooperation and Development (OECD) on Friday released an updated list of countries it deems tax havens.
Treasury Secretary Jack Lew on Tuesday offered praise for a new international tax reform plan that Senate Finance Committee Chairman Max Baucus (D-Mont.) plans to unveil to colleagues later in the morning.
Italian authorities are said to be investigating whether Apple dodged paying more than $1 billion in taxes by stashing profits abroad. Apple's U.S. tax practices have already come under fire in the Senate this year.
American citizens living abroad are renouncing their citizenship in record numbers, according to new government data.
Sen. Rand Paul (R-Ky.) has been holding up treaties with Hungary, Luxembourg and Switzerland for well over a year now.
Sen. Chuck Schumer proposed tax penalties in response to Facebook co-founder giving up his U.S. citizenship.
The European Union will continue to press ahead with discussions on a financial transactions tax even if the idea stagnates in the United States, a top official said Monday.
Algirdas Šemeta, the EU commissioner for taxation, told The Hill that the union would clearly prefer a global agreement on taxing financial transactions.
But with congressional proposals on a transaction tax stalled, Šemeta said the EU is giving a serious look at their current proposal, which could generate up to 57 billion euros for member governments at a time of steep deficits.
“Of course, we would welcome the positive attitude of the United States to this tax,” Šemeta said. “But if the United States still needs more time in order to be convinced, we are ready to lead by example and maybe later on the United States will be able to join us.”
The head of a prominent business group on Thursday said the country’s high corporate tax rate makes it harder for U.S. businesses to compete in the global economy.
John Engler, president of the Business Roundtable, told reporters at a breakfast hosted by The Christian Science Monitor that members of Congress need to be more aware of how the tax rate is hurting American industry.
“They come from states, pretty much all of them, where they should be aware that states knock each other out paying for jobs and investments and factories and they go crazy trying to win these. Well, today, what we have got going on globally, nations are doing that,” Engler said. “We’re sort of the only nation that’s not in that competition.”