
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: March 21, 2014
Of Counsel
732-568-8360 jmcdonough@sh-law.comThere 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.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
NYC Real Estate and Litigation Attorney Ryan O. Miller and Team Join Scarinci Hollenbeck, LLC New York City, NY – August 13, 2025 – Scarinci Hollenbeck, LLC has strengthened its Real Estate and Litigation practices with the addition of four New York City-based attorneys. Ryan Miller, who joins as a partner, is well known for […]
Author: Scarinci Hollenbeck, LLC
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!