
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.
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
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!