House Republicans, led by Speaker Paul Ryan (R., Wis.), have introduced their tax reform plan, which would simplify the tax code so it could fit on a postcard.
IRS Commissioner John Koskinen told lawmakers on Wednesday that implementing a flat tax would be simpler than the current tax system and would save the agency a lot of money.
Economists touted the benefits of the Main Street Tax Plan, saying it would expand the economy by $2 trillion in a decade, at an event at the Hudson Institute on Wednesday.
Lowering the corporate income tax rate from 35 percent would not only increase the size of Gross Domestic Product (GDP) but also would add jobs and increase wages, according to calculations from the Tax Foundation.
Residents of 12 states–Arizona, Florida, Indiana, Kansas, Maryland, Michigan, Minnesota, Nebraska, New York, Ohio, Rhode Island, and Wisconsin–will have a happier 2015 thanks to lower tax bills, the Washington Times reported Monday.
It’s time to end the War on Corporations. A good place to start would be to stop lashing out at treasonous non-state actors like some kind of economic police force, and start addressing the root causes of this phenomenon. Ideally, we would also try to stamp out Corporate-phobia in America, an ugly sentiment that ignores the legitimate grievances of corporations, and in some cases drives them to engage in economic treason.
Anti-corporate hostility reached new heights this week following the announcement that Burger King was acquiring Canadian coffee chain Tim Hortons in order to relocate its headquarters to Canada for tax purposes, a process known as an “inversion.” The move comes a month after U.S. pharmaceutical company moved its headquarters to Ireland via inversion in order to enjoy a lower tax rate.
Federal tax credits meant to stimulate the economies of low-income communities have gone to dog day cares, sculptures, recording studios, and breweries, according to a report released by Sen. Tom Coburn (R., Okla.).
A majority of legislators in the House has signed on to support a bill that could repeal the estate tax—payments that Bill and Hillary Clinton have been trying to limit.
The governor of Kansas and tax reform advocates argued in favor of lowering tax burdens to stimulate state economies during a panel discussion at the Heritage Foundation on Thursday.