OPINION: Almost everyone agrees that the two greatest economic problems facing the US are the growing Federal deficit and persistently high unemployment and underemployment. So it is surprising to a long-time tax practitioner that the two leading proposals for corporate tax reform in the US – lowering the corporate tax rate through base broadening and adopting a territorial tax system – are almost certain to make both problems worse.
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Ireland’s Department of Finance reported increased income tax, VAT and corporation tax receipts from 2024; in other news, it’s understood that HSBC has agreed to pay the French treasury to settle a tax investigation
The EU has seemingly capitulated to the US’s ‘side-by-side’ demands. This may be a win for the US, but the uncertainty has only just begun for pillar two