To
receive our free monthly network newsletter enter your
email address below:
ADVERTISE!
Our sites have more than 200,000 highly targeted visitors
every month. With cost-effective marketing solutions to suit
any budget, we feel confident that we can deliver the results
you need.
>
Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
US Business Fears International Tax Bill,
by Mike Godfrey, Tax-News.com, Washington
Wednesday, August 11, 2010
US business groups have criticized the Senate's approval of a bill which proposes
to tighten international tax rules with the intention of curbing what Democrats
consider as large scale corporate tax avoidance.
An amendment to a bill which aims to provide cash-strapped state governments
with billions of dollars in additional aid to cover teachers' salaries and Medicaid
bills, among other costs, would make several changes to the US foreign tax credit
rules to prevent multinationals from over-claiming for tax refunds in the US
in relation to income earned and already taxed abroad.
According to the Business Roundtable, the amendment, submitted by Washington
state Democrat Patty Murray, would raise nearly USD10bn in new taxes on US companies
with overseas business operations.
"Keeping American companies and workers competitive should be the number
one goal of US tax policy," commented Johanna Schneider, Executive Director,
External Relations of Business Roundtable. "However, [the] Senate vote
only adds to the growing disparity between the tax policies of the United States
and most other major world economies."
Schneider observed that companies in the US are already subject to the second-highest
corporate income tax rate among developed countries. "Further raising these
taxes will make America’s largest employers less competitive, which will
undermine US economic growth and job creation," she said.
The Business Roundtable, the US Chamber of Commerce and the National Association
of Manufacturers have been joined by several other US business associations
in signing a letter to Congressmen which warns that the amendment would have
the effect of "reducing the earnings US companies bring back from their
foreign operations."
In something of an unusual step, the House of Representatives may return from
its summer recess to vote on the state funding bill this week.
.
PROTECT AND GROW
WEALTH OFFSHORE
Protect
Yourself and Your Assets against Devaluation of the Dollar, Currency
Controls, tax hikes and nationalization!
Discover legal ways to protect what is rightfully yours.
Truth revealed about Secure Multi-currency Banking, Family Foundations,
offshore gold/silver storage, Second Passports and more. Get your
"plan B" in place. Don't suffer from the crisis - profit from
it!
One of the web's
largest and most authoritative business and investment information
sources. Alongside topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly
updated intelligence reports cover every important aspect
of 'offshore' and international tax-planning in depth, including
banking secrecy, the EU's savings tax directive, offshore
funds, e-commerce, offshore gaming and transfer pricing. Reports
are available for immediate downloading or as subscription
services with news pages.
Lowtax Network Sites
Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures.
IMPORTANT NOTICE:
THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting
the information contained on this site, but accepts no responsibility
for any financial or other loss or damage that may result from its use.
In particular, users of the site are advised to take appropriate professional
advice before committing themselves to involvement in offshore jurisdictions,
offshore trusts or offshore investments. All materials on this site copyright
The Lowtax Network 1999 - 2012.
All content on this
site has been provided by BSIRN.
USA-TAX-NEWS.COM 
