Finance

A pair of Democrats in the House have introduced legislation to reduce the number of corporate tax inversions by clamping down on the strategy of earnings stripping.

Presidential candidate Ted Cruz’s tax proposals, which include cutting taxes for most individuals and replacing the corporate income tax with a flat 16 percent business tax, would reduce federal revenue by $8.6 trillion over a decade and “almost surely depress the economy over the long run,” according to a policy study and its authors.

The recently appointed chairman of the tax-writing House Ways and Means Committee, Kevin Brady, R-Texas, described some of his tax reform priorities in a speech Friday.

The Senate has included a permanent ban on taxes for Internet service within a larger trade enforcement bill that was passed Thursday.

An influential senator is asking the Internal Revenue Service to put a system in place to track the specific sources of unpaid corporate taxes.

Ernst & Young has released the results of its latest survey with the Tax Council of tax executives and tax practitioners about their predictions for tax reform.

The Obama administration released its fiscal year 2017 budget containing a number of tax increases on high-income taxpayers, oil and foreign income, along with tax breaks for the middle class and small businesses, plus a provision giving the Treasury Department the explicit authority to regulate all paid tax preparers.

President Barack Obama defended his proposal to levy a new $10-per-barrel tax on oil, arguing that low gasoline prices afford the U.S. an opportunity to finance dramatic improvements in its transportation systems.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, along with a group of other Senate Democrats, have introduced legislation to make the Saver's Credit into a refundable tax credit to help more working families and middle-class Americans save for retirement.

Modified extenders may require revised planning to maximize benefits.