All articles tagged with #tax deal
The OECD has finalized a global tax deal that exempts U.S.-based multinational corporations from paying a 15% minimum tax overseas, amid negotiations that aimed to curb profit shifting to low-tax havens, with mixed reactions from different political and advocacy groups.
The OECD has finalized a global tax deal that exempts U.S.-based multinational corporations from paying a 15% minimum tax on overseas profits, a move that has been praised by U.S. officials as protecting American sovereignty but criticized by tax transparency groups for undermining global progress on corporate taxation.
U.S.-based multinational companies are exempt from a new global tax deal finalized by the OECD, which aims to prevent profit shifting to low-tax countries, but excludes large U.S. firms from the 15% minimum tax, sparking criticism from tax transparency groups and praise from congressional Republicans.
Senior lawmakers in Congress have reached a $78 billion bipartisan tax deal to expand the child tax credit and provide tax breaks for businesses. The agreement aims to enhance refundable child tax credits to benefit low-income families and lift the $1,600 refundable cap, potentially lifting 400,000 children above the poverty line in the first year. Democrats sought a larger child tax credit after an earlier version expired, causing child poverty to rise again. The deal also revives some expired portions of the 2017 Trump tax cuts for businesses, including expensing for research and experimental costs, an earlier interest deduction, small-business expensing expansion, and bonus depreciation extension. The goal is to pass the deal before the beginning of tax filing season, but Congress faces other priorities, such as averting a government shutdown and completing its funding process.
Top Democrats and Republicans in Congress have reached a $78 billion compromise to expand the child tax credit and reinstate three expired business tax breaks, but the package faces challenges in an election year. The plan includes extensions for the child tax credit and business tax benefits through 2025, as well as tax relief for disaster victims and Taiwanese workers and companies operating in the United States. The deal, brokered by Representative Jason Smith and Senator Ron Wyden, aims to be enacted in time for the start of tax filing season this month.
Lawmakers in Minnesota have agreed on a tax deal to send a one-time rebate check back to most Minnesotans, with $260 for single filers and $520 for married couples, with an extra $260 for each dependent. The checks will be based on income, and income limits were set at under $75,000 for single filers and $150,000 for married couples. Lawmakers also agreed to tax cuts on social security.