Tax News & Views - July 20, 2012
Vol. 13, No. 28
Tax Policy Group, Deloitte Tax LLP
- Reid unveils middle-class tax cut proposal – The brinksmanship over individual tax rates continued as Senate Majority Leader Harry Reid, D-Nev., introduced legislation that would extend most of the Bush-era tax cuts for one year, but only for low-and middle-income taxpayers.
- Senate corporate ‘insourcing’ legislation fails – The Senate failed to advance legislation that would deny deductions for U.S. businesses that move their operations abroad and provide tax credits to those that bring foreign operations back to the United States.
- Ways & Means hearing addresses impact of tax reform on manufacturers – Representatives of the manufacturing sector told the House Ways and Means Committee that the United States should lower its corporate tax rate and move towards a territorial tax system (with appropriate anti-abuse rules) for taxing foreign-source income of multinational corporations to promote job creation and make U.S. businesses more competitive overseas.
- Legislative outlook – Here’s a quick look at events taking shape for the coming week.
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