All articles tagged with #tax agreement
G-7 countries have agreed on a 'side-by-side' tax system to prevent a global tax war, with the US removing the controversial Section 899 from its tax bill, aiming for greater stability in international corporate taxation and addressing digital economy tax issues.
The G7 countries have reached a deal that exempts US multinationals from some parts of a new global minimum tax, potentially undermining the 2021 OECD agreement aimed at curbing tax avoidance by large corporations worldwide. The deal includes provisions to exclude US companies from certain taxes due to their US tax payments, sparking mixed reactions and ongoing discussions at the OECD level.
Tensions between House and Senate Republicans are growing due to differing stances on issues such as the border deal, tax agreement, and the impeachment of Homeland Security Secretary Alejandro Mayorkas. The divide is influenced by differing views on Donald Trump and the desire for bipartisan deals. House Republicans are pushing for a border plan aligned with conservative migration legislation, while Senate Republicans are eager to approve aid to Ukraine. The House Committee on Homeland Security is set to take up articles of impeachment for Mayorkas, but Senate Republicans are unlikely to support it.
Churchill Downs, the previous owners of Arlington Park, will pay just under $7.8 million in property taxes after a tax agreement was reached with local taxing bodies. The Bears, who bought the property for $197.2 million, will be responsible for paying the 2023 taxes. The value of the property was set at $95 million after Churchill Downs requested a market value of just over $37.3 million. The Bears will look for a property tax reduction for 2023, as they plan to demolish old buildings and develop the land for their own purposes.
TSMC, the manufacturer of Apple's processors, is requesting $15 billion in aid from the US to build plants in the country, but is objecting to the Biden Administration's conditions, including profit sharing and operational information. TSMC is concerned that these conditions could discourage chip makers from working with the US. The company is nearing the opening of its Arizona plant and is tripling its investment in the state to $40 billion. However, TSMC engineers have also complained that Americans don't work hard enough.