Month: May 2010

Key Provisions in H.R. 4213 Would Prevent Abuse of Foreign Tax Credits

Posted on by Alex Welch

May 27, 2010 07:19 PM | | Bookmark and Share

A recent paper from the National Foreign Trade Council (NFTC), a lobby for multinational U.S. corporations, unfairly criticizes provisions to end abuses of the foreign tax credit. These provisions, which are included in H.R. 4213, the jobs and “extenders” bill, would make our corporate tax system fairer and more rational.

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The American Jobs and Closing Tax Loopholes Act of 2010 (a.k.a. the “Extenders” Bill) Would Boost the Economy and Improve Tax Fairness

Posted on by Alex Welch

May 20, 2010 06:17 PM | | Bookmark and Share

While we have never supported the “tax extenders,” we believe that this is a more responsible approach than Congress used in the past, when the tax extenders were deficit-financed. We
also believe that the loophole-closing provisions used to pay for them will enhance tax fairness. For these reasons, we believe passage of this bill would be a major victory in that it shows Congress is finally putting the economic needs of ordinary Americans ahead of tax cuts for the wealthy and powerful.

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Extending Bush Tax Cuts for High-Income “Small Business” Owners Would Further Enrich the Wealthiest Taxpayers While Doing Nothing to Create Jobs

Posted on by Alex Welch

May 13, 2010 11:56 AM | | Bookmark and Share

As Congress prepares to take up legislation to boost small business job creation in the following weeks, some lawmakers argue that the legislation must extend parts of the Bush tax cuts that benefit the very rich. Two ideas along these lines are being discussed. One is to extend income tax reductions for the very rich, at least for taxpayers who can be somehow classified as “small business” taxpayers. The second is to eliminate most of the federal tax on the estates of millionaires. As this report explains, these proposals would allow the rich to continue to enjoy most of the tax cuts they received under President Bush while doing nothing to create or protect jobs.

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Will the “Carried Interest” Loophole Finally Be Closed?

Posted on by Alex Welch

May 13, 2010 11:50 AM | | Bookmark and Share

Congress may be ready to close the “carried interest” loophole, which allows wealthy investment fund managers to pay taxes at lower rates than middle-income people. Carried interest is the share of profits that investors pay to compensate certain people for managing their money. The investment managers who receive carried interest have been allowed to pretend that this compensation represents profits on money they have invested themselves, thus entitling them to pay taxes at a lower rate.

Read the report.


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