Since 2015, the Vatican has been affected by a U.S. federal law that requires financial institutions around the world to report to the IRS details of accounts held by U.S. clients… U.S. citizens living abroad have to file a report with the Treasury Department’s Financial Crimes Enforceme...
is in charge of crafting our nation’s tax laws. …Yet Treasury Secretary Janet Yellen is turning this bedrock principle on its head by writing a global tax code with the help of European bureaucrats that would redound to the benefit of Beijing. ...
The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for a general thin capitalization rule limiting the amount of debt that qualifies for interest deductibility. This paper sets up a mod...
A taxpayer's taxable business income is calculated on their income tax returns and forms part of their Adjusted Gross Income or AGI. Individual taxpayers can then deduct either the standard or itemized deductions to reach their taxable income....
eliminate charitable donation deductions (this prevents multi-billionaires from escaping taxation by giving money to the foundations that their kids control, etc.; Warren Buffett has already announced that the U.S. Treasury will get bupkis after he croaks because 99.5% of his money will go “to ...