James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Bipartisan move toward corporate tax reform
Author: James F. McDonough
Date: March 21, 2014
Key Contacts
Back
There hasn’t been a major reform of corporate tax law in almost three decades, and with good reason – neither party agrees on which way to push the needle. However, recent developments in Washington suggest that both parties may be moving toward agreemen in some key areas, according to MSNBC. Both President Barack Obama and Michigan Rep. David Camp, Republican chairman of the House Ways and Means Committee, want to close some corporate tax loopholes.
The president and Camp also both want to use the money gained by closing these loopholes to lower the corporate tax rate, which is currently 35 percent of gross income, according to the news source. The president released his plan earlier this week, while Camp released his last week.
A senior Treasury Department official told reporters on the condition of anonymity that, while “obviously we don’t agree on everything,” the two plans are, “within shouting distance of each other,” according to The Cresent-News. White House budget director Sylvia Burwell also suggested that there were some similarities between the proposals.
Camp, however, does not agree that the proposals are all that similar, according to the news source.
“Our plan to close loopholes and lower rates for all Americans would add $3.4 trillion to the economy, create nearly 2 million jobs and put $1,300 more per year in the pockets of middle-class Americans,” he said in a statement. “Unfortunately, the president’s budget adds more complexity to the tax code and increases taxes for more Washington spending. That is the wrong direction.”
While a number of groups feel that lowering the corporate tax rate with the money gained from closing loopholes is out of line with liberal goals, others feel that in general, lowering the corporate tax rate in America will reduce incentives for multinational companies to offshore their profits.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
Why Secured Transactions Are Important
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Don’t Cash a “Paid in Full” Check Without Understanding the Legal Implications
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
Changes to Qualified Small Business Stock Will Benefit Startup Founders and Investors
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate Consolidation and Antitrust Issues in Mergers
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.