The top tax rate that U.S. companies would pay on an estimated $3.1 trillion in earnings they’ve stockpiled overseas crept up to 15.5 percent in the final version of the GOP tax bill released Friday.
These are the brackets.
A last-minute change that U.S. senators made to their tax bill before passing it early Saturday morning would result in higher-than-intended taxes for technology firms and other corporations, tax experts said.
One of the last-minute, late-night changes Senate Republicans made to their tax-overhaul plan may mean higher taxes for corporations, including technology firms, than the bill’s drafters intended, experts say.
A group of conservative economists appears to be backing off their claim that Congress’s proposed corporate tax cut would lead to 3 percent economic growth within a decade.
“It’s a bad idea,” said Mark Zandi, the chief economist at Moody’s Analytics.
Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week -- spring-loaded hikes that would begin after 2024 if the economy doesn’t grow as fast as GOP lawmakers have promised.
Vice President Mike Pence said Republicans would repeal the estate tax -- a step that the Senate GOP tax plan doesn’t currently plan to take.
U.S. companies that make billions of dollars from patents and other intellectual property held offshore would be eligible for a special 12.5 percent tax rate on those earnings under the Senate tax plan.
The Senate tax bill that’s due to be released Thursday won’t include an excise tax on certain payments U.S. multinationals make to overseas affiliates, according to a person familiar with the legislation.
Multinational companies including Apple Inc., Pfizer Inc. and others would face a new tax on payments they make to offshore affiliates under the House Republicans’ tax bill -- a surprise provision that has stunned tax experts.
The House tax bill would mean lower taxes for all income groups on average next year, though the largest benefits would go to higher-income taxpayers -- and roughly 12 percent of U.S. taxpayers would see their tax bills increase, according to a study by a Washington policy group.
House Republicans should slow down their consideration of a tax-overhaul bill after investigative reports Sunday alleged offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., congressional Democrats and tax-advocacy groups said.
U.S. multinationals including Apple and General Electric are suddenly looking at as many as three new taxes -- estimated to raise $454.1 billion over a decade -- under the House tax bill released Thursday.
U.S. multinationals that derive or book substantial profits overseas might face a new tax on some of their future earnings going forward, under the House tax bill released Thursday.
Several of the biggest U.S. companies -- including Apple and Procter & Gamble -- would no longer be able to escape taxes on the trillions in overseas profitsthey’ve accumulated, under a tax bill released by House Republicans.
House Republican tax writers are planning to keep the top individual income tax rate at 39.6 percent, according to two people familiar with the negotiations.
Republicans are barreling into a lobbying frenzy next week, when House Ways and Means Chairman Kevin Brady plans to unveil a sweeping tax bill to remake the U.S. economy that’s being crafted with rigorous secrecy.
President Donald Trump says middle-class Americans will see higher wages from his proposed corporate tax cuts, but a new study shows that foreign holders of U.S. stock would actually see a bigger benefit in the short term.
After Senate Minority Leader Chuck Schumer blasted the Republican tax plan as a potential multibillion-dollar boon for President Donald Trump and members of his cabinet, the Republican National Committee responded with a blast of its own:
President Donald Trump’s tax framework could save him and members of his cabinet tens of billions of dollars in taxes collectively, according to a report from a left-leaning policy organization released by Senate Democrats.
European Union regulators’ tax crackdown on Amazon.com Inc. -- like the EU’s case against Apple Inc. -- should spur U.S. policy makers to address companies’ aggressive offshore tax-avoidance strategies before it’s too late, experts said.
On the last page of a nine-page tax plan that calls for slashing business rates, President Donald Trump and congressional Republicans proposed a little-noticed, brand-new tax that may hit companies like Apple Inc. and Pfizer Inc.
Republican lawmakers leveled harsh criticism at a Washington policy group study that said some middle-income taxpayers would ultimately see a tax increase under a framework for legislation that they and President Donald Trump proposed this week.
President Donald Trump’s plan to slash the corporate tax rate may not provide the sustained job growth that he and Republican leaders want, some economists say -- that’s a point of longstanding and unsettled debate.
Congressional tax writers want to offer U.S. companies an “unprecedented” way to slash their tax bills by investing in new equipment. But firms that stand to benefit most are saying no thanks, just give every company a bigger rate cut.
President Donald Trump will once again tout tax cuts for the middle class and small businesses Wednesday -- amid suggestions that high earners would benefit most.
President Donald Trump waded into a longstanding scrap between online retailers and their brick-and-mortar rivals with a Twitter posting Wednesday about Amazon.com Inc. and taxes.
Republican leaders billed their decision to abandon a controversial plan to tax companies’ domestic sales and imports as an essential step toward uniting their efforts to overhaul the U.S. tax code -- but its death adds new complications to an already intricate task.
A federal rule aimed at limiting corporate “earnings stripping’’ for tax-avoidance purposes may pose an undue burden on taxpayers and may be changed or rescinded, according to a U.S. Internal Revenue Service notice.
President Donald Trump has promised the largest tax cut in history, but for scores of the biggest U.S. corporations, it might be just a tax nick.
Multinationals are in line for a windfall from President Donald Trump’s call to cut the tax rate on U.S. companies’ stockpiled overseas earnings, but a select few would do better than others.
President Donald Trump’s personal lawyers said in a letter that his tax returns from the past 10 years show that -- with a few exceptions -- he received no income from Russian sources and owed no debts to Russian lenders.
President Donald Trump is leaning toward preserving a trillion-dollar tax break for corporate borrowers -- a move that economists say could jeopardize his goal of robust economic growth.
There’s something attractively simple about President Donald Trump’s idea for a reciprocal tax: charge high tariffs on our products, and we’ll ding you right back.
President Donald Trump offered corporate America a sweeping tax vision whose ultimate promise of lower rates and more global competitiveness depends on one thing: longevity. Given the plan’s uncertain costs, longevity may be one thing the proposal can’t deliver.
President Donald Trump’s call to slash the corporate tax rate to 15 percent -- a number that many economists say would boost the deficit so much that the cut would be short-lived -- may be less about policy and more about deal-making.
President Donald Trump has promised a “massive” tax cut for Americans. He may be able to achieve it -- but only temporarily, if the changes can’t meet the criteria needed by lawmakers to make permanent changes.
Treasury Secretary Steven Mnuchin sent U.S. stock prices to a daytime high Thursday when he said the Trump administration will produce an ambitious plan to overhaul the U.S. tax code “soon.”
The Trump administration is aiming to complete the biggest overhaul of the tax code since President Ronald Reagan by the end of the year, even if a second attempt to repeal the Affordable Care Act fails, according to Treasury Secretary Steven Mnuchin.
Americans might want to brace themselves for political arguments about the “reciprocal tax,” the “matching tax” or the “mirror tax.”
Eight weeks ago President Donald Trump said he would be releasing a “phenomenal” tax plan within two or three weeks. But there’s no sign of a plan yet, and mixed signals from the White House are imperiling Republican promises of speedy action.
Congress is considering options to soften a controversial centerpiece of the House Republicans’ tax plan -- a step that might mean smaller tax cuts for corporations -- as President Donald Trump begins the process of crafting a tax overhaul plan.
President Donald Trump’s call for tapping the private sector to help finance $1 trillion in infrastructure improvements faces a little-noticed challenge from his own party -- a House Republican proposal to eliminate the tax break for corporate borrowing.
Leaked pages of President Donald Trump’s 2005 tax return offer no new details about his foreign income and business dealings but highlight a tax he’s vowed to abolish.
President Donald Trump offered no new details of his plan to overhaul corporate and individual taxes -- renewing questions about whether he supports a controversial proposal to tax U.S. companies’ imports while excluding their exports.
A news report that the European Union and other U.S. trading partners are preparing to challenge House leaders’ proposal to overhaul U.S. corporate taxes spurred the plan’s leading congressional advocate to declare that it would survive “any challenge that they bring.”
Wal-Mart shoppers aren’t the only ones who could suffer under a tax plan that President Donald Trump is warming up to -- U.S. investors who trade on the London Stock Exchange, the Deutsche Boerse and Euronext might also take a hit.
The exit package Exxon Mobil Corp. has agreed to pay Rex Tillerson if he’s confirmed as secretary of state is structured to preserve roughly $180 million in deferred compensation for him -- and might let him avoid an immediate federal income tax bill of as much as $72 million, according to tax specialists who have reviewed the plan.
As president, Donald Trump won’t be able to punish General Motors Co. for building cars in Mexico without violating Nafta. That may not stop him from taking an unprecedented step against an American company.
Koch Industries Inc., the influential private firm headed by billionaire Republican supporters Charles and David Koch, slammed a key element of the House Republicans’ plan to overhaul corporate taxes, saying it would raise prices for American consumers and “could be devastating” to the economy.
Donald Trump’s planned U.S. corporate tax cuts could translate to a big one-time earnings hit for many of the biggest U.S. banks, thanks to tax benefits they generated during the 2008 financial crisis.
House Republicans are talking with President-elect Donald Trump’s transition team about how to fashion the biggest U.S. tax overhaul in three decades, the chairman of the House Ways and Means Committee says.
For Donald Trump, the presidency offers no escape from tax audits -- raising the chance that the public might never see his returns.
Businesses and individuals may get major tax breaks if President-elect Donald Trump can successfully meld his own tax proposals with similar ones favored by House Republicans.
The federal tax audit that emerged as an issue in Donald Trump’s campaign would turn into another problem altogether if the Republican nominee wins the election -- and gains the power to pick the next Internal Revenue Service chief.
Donald Trump’s proposed tax plan could provide a short-term boost to the economy before costing more than 690,000 jobs over a decade, while Hillary Clinton’s plan could send job-creation in the opposite direction -- first down, then up, according to a new policy report.
The U.S. Treasury Department softened new rules aimed at preventing multinational companies from shifting their profits offshore to lower-tax countries -- a response to sustained criticism from big business and from members of Congress, who’d asked that they be delayed and scaled back.
Investment managers would pay higher taxes on the “carried interest” that makes up much of their income under Donald Trump’s tax plan, said Wilbur Ross, the billionaire distressed-debt investor and Trump supporter.
Donald Trump’s proposal to offer all businesses a flat 15 percent income-tax rate would prompt workers to try to cut their tax bills by turning themselves into “self-employed” contractors -- without leaving their current employer -- according to a tax-policy group’s report.