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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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House Tax Writers Debate Treasury’s Role in Global Tax Negotiations. The House Ways and Means Tax Subcommittee hearing on Wednesday highlighted lawmakers’ sharp partisan division over the merits of the Organisation for Economic Co-operation and Development (OECD) global tax agreement. The subcommittee heard testimony from Treasury Deputy Assistant Secretary for International Tax Affairs Michael Plowgian, who defended the agency’s part in developing the proposed “Pillar Two” minimum-tax regime. While subcommittee Democrats expressed strong support for the Treasury Department’s role in ongoing negotiations, Republicans lambasted the Biden administration for “negotiating [a deal] behind closed doors” that would “surrender over $120 billion in U.S. tax revenues to foreign countries.”
In his opening statement, Tax Subcommittee Chairman Mike Kelly (R-PA) characterized the original purpose of U.S. negotiations with the OECD as an effort to allow foreign countries to enact their own global minimum taxes mirroring the U.S. Global Intangible Low-Taxed Income (GILTI) regime. However, he noted that the OECD failed to recognize GILTI as a qualifying tax throughout the negotiations, instead requiring the United States to make sweeping modifications to its tax code to comply with the global agreement. Accordingly, Republicans asserted that, without congressional approval, the Treasury Department allowed... (Want to learn more?)
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Republicans Take Action to Counter OECD Agreement. In conjunction with the Tax Subcommittee hearing (discussed above), Rep. Ron Estes (R-KS) introduced the Unfair Tax Prevention Act (H.R. 4695) intended to discourage foreign countries from imposing extraterritorial levies on U.S. companies—a key enforcement mechanism of the Pillar Two agreement. The bill would modify the U.S. Base Erosion and Anti-abuse Tax (BEAT) to apply more broadly to foreign-parented companies in countries adopting extraterritorial taxes on U.S. businesses. In a press release, Rep. Estes said the current OECD agreement “has a disproportionately negative effect on... (Want to learn more?)
Whistleblowers Testify on IRS’s Mishandling of Hunter Biden Tax Case. On Wednesday, July 19, two IRS whistleblowers appeared before the House Oversight Committee in their first public testimony in connection with accusations that the Biden administration took deliberate action to sabotage the Hunter Biden tax evasion case. The IRS agents, Gary Shapley and Joseph Ziegler, answered lawmakers’ questions regarding a collection of investigative documents made public last month by ... (Want to learn more?)
Progressive Group Requests Expanded Direct e-File Offering Despite Public Skepticism. The newly-formed Coalition for Free and Fair Filing (CFFF) penned a letter to IRS Commissioner Daniel Werfel last week expressing support for the development of a full-scale Direct e-File tax preparation and... (Want to learn more?)
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Our thanks to Brownstein Hyatt Farber Schreck, LLP.
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About Brownstein Hyatt Farber Schreck, LLP
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
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Upcoming Events
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August 9: FEUSA/PATG luncheon event, Denver, CO
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August 10: Family Office Presentation, Chattanooga, TN
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August 24: 2023 Annual Survey Results, Whittier Trust, Virtual
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September 11-12: University of Cincinnati Annual Gala, Cincinnati, OH
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September 12: “Protecting The Wealth Of Family Businesses In A Volatile Tax Environment”, Virtual
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September 13: Philanthropic Strategies for Successful Families webcast, Virtual
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
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Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them. Since 1995, PATG has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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Policy and Taxation Group Strategic Partner
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