@GoodTaxTakes
@goodtaxtakes
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It’s a bit disappointing that nobody seems to have the stomach to phase out the mortgage interest deduction over time (and certainly limit it to one home).
You would think progressives would be all over that.
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Revenue Raising Idea: Narrow (or eliminate) the charitable deduction.
I’m all for free speech, but it doesn’t need to be subsidized by the taxpayer.
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This should go viral.
This is one of the best explanations of GILTI I’ve seen for a non-technical audience. Really nice work from
@TaxFoundation
.
It would be helpful to an explainer of how this changes under the Biden Plan.
To help finance his
#infrastructure
plan, Pres. Biden has proposed doubling the tax rate on GILTI, a flawed and poorly designed policy originally passed by Republicans in 2017, which would make it more difficult for US businesses to compete abroad and harm US jobs here at home.
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Sadly, truth be told, most of the R&D credit is paid on “innovation theatre”…especially when the tax consultants come in after the fact and “optimize” the calculation.
There has to be a better way. Just cut the tax rate and do away with picking winners & losers.
Large companies often value process over product.
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I would really like someone in the Administration
@KClausing
to explain why they keep spreading the false narrative that GILTI results in an ETR of 10.5%.
IT IS WRONG & DESTROYS THEIR CREDIBILITY.
You can’t ignore FTC Haircuts, Limitations, Expense Allocation.
#noclue
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That pledge will cause some poor choices and contorted policies.
SCOOP: The White House considers indexing the gas tax to inflation to be a violation of Biden's pledge not to raise taxes on people making under $400k and is not willing to include it in infrastructure package, according to a source familiar with President Biden's thinking.
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Reminder: Low rate broad base is also a better way to go for VAT systems.
The Singapore / NZ GST style approach is superior to the European VAT "swiss cheese" approach.
Broadening the VAT (or personal income tax) base tends to be better than hiking corporate income taxes.
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The advent of a global min tax at 15% potentially a huge GAME CHANGER for US DOMESTIC Tax Policy.
It raises the possibility of fundamental simplification of the US tax system. It may be a mistake to move before the global min tax is resolved. My thoughts in the thread below:
The
@FT
comes out in support of the Biden plan for taxing global multinationals. A real head of steam building up in the media now.
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@gafnicpa
In fairness, its a legitimate policy question regarding the extent and how quickly we should allow tax write downs for long-lived assets.
We don’t allow it for land, and most buildings last more than 40 years.
But yes, ProPublica et. al. should not label this as tax avoidance.
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We need an extreme wealth tax at the state level like we need a hole in the head. The migration effect would be significant and deprive the state of much needed revenues.
This is very closed minded IMO.
Our social contract is broken.
Unfettered capitalism has failed us. If it was working, Americans would not be begging for food while the ultra-rich keep multiplying wealth they’ll never need.
We need an extreme-wealth tax in the Golden State. My oped⬇️
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Some good points raised here.
The converse point is that removal of section 199A might encourage more incorporations, which would improve compliance, and encourage retained investment in business.
Raising the corporate tax rate could push more firms to take become pass-through businesses, which the IRS has a much harder time enforcing tax laws against.
My latest with
@TaxFoundation
:
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SHIELD > BEAT. Although let’s just drop the silly acronyms..
This is one change that we can all agree makes a lot of sense.
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+The weird thing about the actual GILTI rate being so much higher than any agreed GMT rate is that it ENSURES US Groups will be taxed at higher rates than their foreign competitors (not to mention the bigger GILTI tax base). That’s not in our interest either.
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Good discussion by
@ericadyork
@GS_Watson
in the podcast below
See my thread below for some insight and dirty secrets about the R&D credit, including the fact the the credit facilitates a huge tax shelter for Non US Groups, and the OECD project may have unintended outcomes 1/
🎙️ PODCAST:
@ericadyork
and
@GS_Watson
join Tax Foundation President
@scottahodge
to discuss the proper tax treatment of R&D.
R&D is more important than ever as businesses and governments around the world invest in COVID-19 research and supply chains.
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“Unrealized gain is a change in wealth. Unrealized gain is economic income. Unrealized does not mean unreal. The wealthy can see it very clearly on their brokerage statements, even if the IRS will not see it on tax returns.”
Perspective: If a proper assessment is to be done of how the wealthy are being taxed and how they should be taxed in the future, the tax policy community needs to fully flesh out the role of unrealized capital gains,
@M_SullivanTax
writes.
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It seems the latest tax planning craze is tax regime arbitrage.
E.g., convert GILTI into subpart F.
If per-country and QBAI changes are made, why not just shelve subpart F. Totally redundant and unnecessarily complex.
Kill SubF, PFIC etc for CFCs completely.
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#TaxTwitter
> The rest of Twitter
I’m sorry, but does anyone else think it’s crazy that Shopify is worth 11.5x as much as Apple?
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Thank God. Now I can finally get a good night’s sleep.
The uncertainty was killing me.
Moldova’s State Tax Service clarified corporate tax rules regarding the deductibility of business expenses incurred to repair fixed assets, the carryforward of tax losses, and depreciation payments on partially used assets.
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Why should this be voluntary, and why should this not apply to all those running for office as a Federal elected official?
In 1973, Richard Nixon began the tradition of voluntary tax return disclosure by American presidents. In 2017, Donald Trump ended that tradition.
In 2021 (and maybe even today?), we’ll find out if
@JoeBiden
is going to revive that tradition.
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It’s time the Federal government weighs in with some objective standards about when people are subject to individual income tax in another state.
A clear 30 day safe harbor would be a good start, and provide much needed certainty. It’s a nightmare for small businesses.
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Still no discussions from the left on eliminating the mortgage interest deduction for a second home.
@davidsirota
@RichardvReeves
seems like very low hanging fruit - what am I missing in the politics of this?
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If “Congress seek to change the tax system, they should do so in ways that make it simpler, rather than layer on more taxes that will add complexity to the tax code, be difficult to administer, have unintended negative consequences, & ultimately, will likely be eliminated …”
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@taxnotions
nails it in
@TaxNotes
:
“Certainly, some evasion and aggressive planning take place. But the largest holes in our national tax revenue bucket are ones that Congress itself has poked, and not the product of elaborate tax planning schemes, as many mistakenly believe”
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@JedKolko
@jasonfurman
I really thought this tweet was a mean teaser and we’d never see the all important medians…. Very interesting.
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Surely the increase in the standard deduction coupled with historically low interest rates raised the bar for those who actually itemize and claim this.
Q: What would the MID need to be roughly before those under $400K are not impacted?
Phase out now, while rates are low!
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@DanNeidle
highlights some
#taxheresy
from
@ActionAidUSA
.
They deserved to be called out (and worse) for their data manipulation. Let’s see a reporter highlight these inconsistencies.
They really don’t deserve to have a seat in the tax debate at this point.
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Shouldn’t we be prioritizing a global minimum carbon tax (instead)?
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Getting Congressional support in the US should not be underestimated.
This is a massive stretch by the Administration on what previously had bipartisan support. Has there been too many concessions from the U.S. to make this work at home?
?
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@malarkeyhater8
@nominalthoughts
ALL personal deductions. Yes, including charitable deductions.
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@Taxing_Notions
@Hamza_M_Ali
Needs unanimous consent doesn’t it? I guess slightly less improbable if reallocations occur under Pillar 1, but seems very unlikely, doesn’t it?
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One side says “Investment Heroes” the other side says “Tax Dodgers”.
No one really knows what impact offering full expensing for tax has on the decisions to invest, but if it’s meaningful, then shouldn’t we be OK with deferring collection of cash taxes on these items?
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This from
@RichardvReeves
@ChrisLPulliam
@ArielGelrud
@santideambrosi
@swinshi
is highly recommended reading.
Somethings not right, and we must address it.
It’s difficult to read, and harder to dispute the facts.
VIP = Very Important Paper
Here's a new paper I'm proud of on the black-white gap in multigenerational poverty, with
@RichardvReeves
@ChrisLPulliam
@ArielGelrud
&
@santideambrosi
It's the first study to look at black-white differences in income mobility over 3 generations
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Prop 47 in CA effectively allowed shoplifting up to $950 without consequences. Thefts from Walgreens are 4X national average & 17 stores closed in S.F.
Response: S.F. proposed an empty store-front tax.
This is screwed-up. Need laws with consequences, not just in global tax.
This just happened at the
@Walgreens
on Gough & Fell Streets in San Francisco.
#NoConsequences
@chesaboudin
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@TaxPolicyCenter
@stevertax
@ABC
Another reason to eliminate charitable deductions from the tax system.
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Totally Agree
@RichardvReeves
. Would love to see more of this point-counterpoint debate on other tax topics in particular. Raises the level of the discussion.
We need more of this kind of debate - informed, civil, thoughtful ,
@hamandcheese
@smarick
- great stuff via
@pairagraph
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Very timely piece by
@ericadyork
at
@TaxFoundation
given the talk of the Book Min Tax.
I get why people say have companies pay some amount of cash tax, but it undermines other policies.
But you could say the same for individuals paying a min user fee for basic gov’t services
Some Corporations Pay Zero Federal Income Taxes—and That Is Not a Problem -
@ericadyork
@TaxFoundation
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Great article from Tax Superhero
@AlexParkerDC
giving both sides of the argument here quoting
@vicfleischer
and
@gardmaf
.
Ironically, we got here in part due to s162(m), which should be repealed, as it generally applies only to US publicly traded cos.
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This thread by
@DanNeidle
is spot on.
NGOs will lose more credibility with policy makers and the public when demonstrably false data is being spread around.
Let’s stick to the facts (even if we interpret them differently).
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We really need more immigrants (especially grad students and skilled labor) to help our country grow.
It’s the quickest way to fix a skill shortage.
We can also send a strong signal to the rest of the world that we are back.
Tax policy can be part of the answer.
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This trend will have profound implications for our standard of living.
Time for the U.S. to benefit from more talented immigrants who have a strong desire to come to our shores and make a better life for themselves.
More immigration is key to growth & development.
On declining US birth rates:
It looks like more than just delayed childbearing; younger cohorts of women are having fewer children overall --
My new
@BrookingsEcon
piece w/
@phil_wellesley
:
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I’m convinced Ireland will ultimately agree to go along with the 15% and then just get back to status quo with other stealth changes to the tax base.
That’s part of why a water-tight agreement on the tax base is essential….and likely very difficult to achieve.
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This $400K pledge is an issue if widely applied. If we are getting rid of section 1031, then lets get rid of it altogether.
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@AlexParkerDC
@danieldbunn
@George_A_Callas
…and the worst thing about book min taxes is that Audit Partners will become all-powerful…
and those people are nerds….
…even tax geeks have been known to make fun of them.
#TaxTwitter
“Like” if you agree.
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Pillar 1 shouldn’t be used to strip the value of risk taking and entrepreneurial activity from countries that have cultivated it. A modest reallocation of global profits is appropriate with global firms, but there is a limit.
In 2000, Europe had 41 of the biggest 100 companies. Now it only has 15. A 63% decline in just two decades. The Economist says the "most striking" reason is the lack of successful startups.
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As a reminder - the US is the only country that taxes almost all worldwide income at a relatively high rate.
That’s not competitive….and also a distortion when the focus of the OECD is primarily on rate.
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The left-leaning media is looking gullible as ever here.
This lack of balance seems to spill over to when they talk about nuanced matters like taxes.
To be fair, its not to say our right-leaning media is “fair & balanced” either.
At least we can debate on Twitter.
Find someone to love you as much as liberal TV personalities loved Michael Avenatti.
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If agreement is reached on a global minimum tax, the U.S. needs to seriously consider pivoting to a lower rate worldwide system. That would provide great simplification and level the playing field for US centric businesses.
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@DanNeidle
See for example FB, where 5.9% in 2020 was attributable to R&D and Stock-based comp, which would adjust their 12.2% reported rate to 18.1%. Their foreign rate appears to be 21%-2.4%=18.6% in 2020.
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1./ Only where income is subject to 0% foreign tax would the rate be 10.5%, otherwise it will be 13.1% (scheduled to go to 16.4% in 2025).
In addition, due to expense allocation, companies will typically bear an additional 2-3% on top of this rate… that brings it to 15-16%…
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Don’t waste your time. Very misguided from
@danpfeiffer
.
Raising taxes on corporations, particularly on international income will only reduce US employment and wages.
Polling is a very poor way to guide sound tax policy.
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FACT CHECK:
@AlexCobham
says ..”companies can blend (high tax and tax haven) streams of income and achieve a tax burden that is only about half that of domestic companies.”
THIS IS FLAT OUT WRONG. LET ME EXPLAIN…
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@RichardRubinDC
The SHIELD will be a compliance nightmare all around and ultimately unlikely to raise much revenue. Overall, a backward step in terms of good tax policy and administration.
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@M_SullivanTax
‘s article “The SALT Cap Is a Poor Way to Tax the Rich” in
@TaxNotes
starts off strong…
”This article will have few fans. Its lack of appeal is so broad”
I can’t say there’s much I disagree with.
He’s apolitical & objective. We need more of that.
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@AlanMCole
@kpomerleau
A tax called “B.A.T. tax” might get some traction post COVID.
Some may see it as payback.
9 of of 10 voters say “Tax the bats!!”
Take advantage of the confusion.
#DBCFT
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How many people have an Aunt Jo worth $50M who would be subject to
@SenWarren
‘s wealth tax?
The underlying problem is that the ultra wealthy are funding Congress.
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“The hypocrisy and evasion is very deep – e.g., most of the trendy new global ESG (environmental, social and corporate governance) investment funds are headquartered in the tax haven of Luxembourg”. Good observations from
@atulkshah
G7 summit: UK is badly conflicted between offshore tax havens and Biden's global tax drive - Prof
@atulkshah
in
@ConversationUK
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“if Biden wants to permanently transform the role of government, eventually we’ll need broader-based taxes, just as other countries with more robust welfare states already have.”
Your taxes got cut — again — and you probably didn’t even notice. It almost makes one wonder why politicians think tax cuts are a winning strategy.
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@ajayrotti
@DanNeidle
@Omri_Marian
Today’s development reminds me of something…
Mission Accomplished!
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We’ve all had a brain fog and a bad day so I don’t mean to be too harsh on this person.
But enough with the superficial knowledge and parroting of political talking points. You should be able to answer how your proposal applies to inbound companies. Real debate by experts wins.
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