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Increasing tax compliance is a major part of the Biden administration proposal to raise revenue for physical and social infrastructure. Reducing the tax gap’the difference between taxes owed and taxes paid’is a good way to raise revenue, but it doesn’t come without trade-offs, and it’s important to go about it in the right way. Point
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The U.S. corporate tax code is a complicated behemoth, loaded with numerous arcane provisions’some of these providing special tax breaks, others imposing special tax penalties. Among the latter group, indirect expense allocation rules penalize domestic activities and impose a hidden surtax on foreign profits. While arcane, expense allocation rules are relevant to current debates because
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As lawmakers in Congress consider ways to change tax rules, a recent Tax Foundation study shows the effects of four options to overhaul the United States’ international tax regime. These options include changes to policies such as the corporate tax rate, Global Intangible Low-Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), Qualified Business Asset Investment
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Last week the Organisation for Economic Co-operation and Development (OECD) released an updated list of “Harmful Tax Practices” that have been identified as part of a country peer review process. One notable element of the recent list states that the United States has committed to abolish the deduction for Foreign Derived Intangible Income (FDII). However,
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