International taxes

The country's progressive personal income tax schedule is undermined by deductions that largely benefit high-income earners.

Rich Americans are hiding "vast amounts of income" from the Internal Revenue Service by exploiting a "deeply troubling" loophole in FATCA, according to a Senate report.

The bill would force the rich to declare their assets at current value, unlike the old law, which allowed them to report assets at their original purchase price.

The effective date of final regulations on foreign currency used by multinational companies' qualified business units is being postponed for another year.

Former Treasury Secretary Lawrence Summers criticized the stripping of a global corporate minimum tax from the recent tax-and-climate change bill.

Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin released the outline of a tax, climate and health care deal on Wednesday, in what could prove to be a major breakthrough after weeks of negotiations.

The U.S. would collect an additional $318.7 billion over the next 10 years by implementing the 15% global minimum tax and exercising the undertaxed-profit rule.

The twins previously lived together in a castle in the Channel Islands known for its tax-haven status.

Ireland was one of a few hold-outs before the agreement and sought assurances of U.S. support from Treasury Secretary Janet Yellen.

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