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Tax Foundation Comment on Treasury’s State Tax Cuts Limitation Rule

Last month, the U.S. Department of the Treasury promulgated an interim final rule regarding its implementation of the American Rescue Plan Act (ARPA) provision restricting states’ ability to cut taxes. We previously outlined four questions Treasury needed to answer in its guidance and subsequently analyzed the text of the rule when it was promulgated in […]

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Treasury Rule on State Tax Cuts Limitation Raises New Questions

Today, the U.S. Treasury issued an interim final rule on the $350 billion in State and Local Fiscal Recovery Funds provided under the American Rescue Plan Act (ARPA). The proposed rule resolves several important questions but continues to involve the federal government in state finances at an extraordinary level. Most astonishingly, the rule may functionally […]

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Treasury’s Latest Pillar 1 Proposal: A Strategy to Split the Riches or Give Away the Store?

For the past two years, the Organisation for Economic Co-operation and Development (OECD) has been debating how to change the tax treatment of large multinationals so that countries can tax corporate profits not just where their headquarters, employees, and assets are but also where a company’s customers are located. The implications of such a change […]

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Can GILTI and the GloBE be Harmonized in a Biden Administration?

Was this page helpful to you? Thank You! The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work? Contribute to the Tax Foundation Share This Article! Let us know how we can better serve you! […]

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Personnel Is Policy: Biden International Tax Team Edition

This week, the Treasury Department added several new appointees as staffing continues following President Biden’s inauguration. Among them were three scholars of international tax policy: economist Kimberly Clausing and law professors Rebecca Kysar and Itai Grinberg. These three will be influential in developing the administration’s approach to changing U.S. tax rules for multinational corporations and […]