International Taxes

The seven-year decline in top personal income tax rates around the world have reversed, with this year's average rate increasing 0.3 percent globally, according to a new report by accounting firm KPMG.  

The study finds the tax increases are part of an effort to help governments combat the sea of red ink they face.

The global recession has caused indirect taxes, such as value-added taxes or sales taxes, to increase in 2010, and additional increases are expected as governments awash in red ink seek more revenue, according to a KPMG report released on Thursday. 

House Ways and Means Committee Chairman Sandy Levin (D-Mich.) on Thursday said that tax deferral would likely be addressed when Congress tackles tax reform and that the measures would not be used to offset future legislation. 

House Ways and Means Chairman Sandy Levin (D-Mich.) on Thursday will join Rep. Tim Ryan (D-Ohio) to discuss continued efforts by Democrats to prevent the outsourcing of jobs. 

Geithner says it is "very important to see more progress" by emerging developing economies on the currency issue.

The House on Wednesday voted 268-160 to advance legislation providing $7.4 billion to people seriously impacted at Ground Zero during the 9/11 clean up. The measure is paid for by preventing "treaty shopping."

Sen. Charles Schumer on Tuesday said he'd press for a Senate vote in the lame-duck session on China currency legislation.  Read more...

The House this week is once again expected to prevent "treaty shopping" when it votes on legislation providing aid to people whose health was seriously impacted at Ground Zero during the 9/11 clean up. 

Forty Republicans voted against the Democrats' bill, which they said would have undermined job growth with new regulations and taxes.

The House will vote next week on the China currency bill approved Friday morning by the Ways and Means Committee.

House Majority Leader Steny Hoyer (D-Md.) announced the move in a statement Friday afternoon. The committee approved the bill by voice vote, with ranking Republican Rep. Dave Camp (Mich.) joining Democrats in supporting it.

This is the first time the full House will consider legislation to respond to China's currency policy. The Senate approved legislation in 2005, but the Republican-controlled House at the time did not pick up the bill.

Several other Republicans voted against the bill, which would allow the Commerce Department to impose anti-subsidy duties on Chinese imports.

Here's Hoyer’s statement:

“I’m pleased the Ways and Means Committee passed WTO-consistent China currency legislation this morning. I will bring this bill to the House floor for a vote next week. While a multilateral approach to addressing this issue is preferable, we cannot wait any longer to level the playing field for U.S. businesses and protect American manufacturing jobs. We recognize the efforts China is making toward reform, but they need to act faster to allow their currency to appreciate. Taking action on this bill, as part of our Make It in America agenda to strengthen U.S. manufacturing and create jobs, will help American workers and small businesses compete successfully.”