Taxation

ICYMI: Congressional Taxwriters Press Treasury Again on Country By Country Reporting

While many of us were enjoying a little R&R in the waning days of August, House Ways and Means Committee Chairman Paul Ryan (R-WI) and Senate Finance Committee Chairman Orrin Hatch (R-UT) were focused on BEPS— the OECD’s Base Erosion and Profit Shifting (BEPS) project.

In an August 27th letter to Treasury Secretary Jack Lew, the Chairmen questioned Treasury’s ability to impose some new tax reporting requirements on U.S. multinational companies, reiterating a request made earlier this summer that Treasury provide them with a memo outlining their legal authority to collect country by country (CbC) information from U.S. companies with global operations. (continue reading…)

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SEC Pay Ratio Rule Brings Millions in New Costs for Manufacturers

The SEC voted 3-2 today to finalize rules implementing the Dodd-Frank Act Section 953(b) requirement that public companies regularly disclose the ratio of employees’ median pay to the compensation of a company’s chief executive. While Commissioner Mary Jo White said that changes were made to the original rule that “should reduce costs for many companies while adhering to the statutory requirements,” the final “pay ratio” rule still creates significant compliance costs and burdens for manufacturers without any benefit for shareholders, as the SEC itself noted in the original proposal. (continue reading…)

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Manufacturers One Step Closer to CTU Fix

By an overwhelming vote of 58-0, the House Committee on Financial Services approved a bill (H.R. 1317) on July 29 to further protect manufacturers from unnecessary regulatory costs when using derivatives to manage risk.   (continue reading…)

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NAM Applauds Senate Finance for Moving Tax Extenders Package

Last week, the NAM, joined by several leading associations in the business community, sent a letter to the Chairs and Ranking members of the congressional tax-writing committees calling for immediate action on a package of more than fifty expired tax provisions, known as “tax extenders.” Days later, the Senate Finance Committee answered that call and approved a two-year tax extenders package today. (continue reading…)

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Burdensome, Costly and Useless?

Manufacturers in the United States are the most productive in the world, far surpassing the worker productivity of any other major manufacturing economy, leading to higher wages and living standards. Unfortunately, one of the largest hurdles facing manufacturers is our own federal government. If it would put the right policies in place, our manufacturing engine would be even stronger, which is why the NAM submitted comments late yesterday afternoon, to the Securities Exchange Commission (SEC) articulating its concerns about two potentially burdensome and costly proposed rules.  Both proposed rules are reporting requirements that come courtesy of the regulatory burdens created by the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act.    (continue reading…)

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NAM, Business Groups Launch New Corporate Governance Coalition

In a letter sent to the SEC July 2, the NAM joined more than a dozen associations representing businesses of all sizes in announcing the formation of a new coalition that will tackle shareholder activism and other important corporate governance issues. The Corporate Governance Coalition for Investor Value will work to advocate for strong corporate governance policies that promote long-term growth and value for shareholders. (continue reading…)

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Music to Manufacturers’ Ears

Manufacturers know all too well that Congress does not always operate in a way that maximizes business productivity and investment. A prime example is the package of over 50 plus temporary tax provisions, a.k.a. “tax extenders” that expired at the end of 2014 – just two weeks after Congress finally got around to passing them in the first place. (continue reading…)

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Medical Device Tax Repeal Gains Momentum

Earlier today, the House of Representatives voted in favor of H.R. 160, the Protect Medical Innovation Act introduced by Rep. Paulsen (R-MN) to repeal the ill-conceived excise tax on the gross sales of medical devices. The decisive, bipartisan vote shows that Congress understands the negative impact this burdensome tax has had on medical device manufacturers, their employees and the patients that rely on their life-saving products. (continue reading…)

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A Bonus for the Economy

The NAM this week lead the business community in sending a letter to the House Ways and Means Committee urging support for and swift action on Rep. Tiberi’s (R-OH) bill to make bonus depreciation and the comparable accelerated use of AMT credits in lieu of bonus depreciation permanent. This bipartisan legislation, HR 2510, was introduced in May with a list of cosponsors that includes almost all of the Republican side of the Ways and Means dais. This is the second go-around on this bill for Rep. Tiberi, who authored a very similar bill last year which passed the House with significant bipartisan support last summer. (continue reading…)

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Kudos to Congressional Taxwriters for Sounding the Alarm on BEPS

In a letter yesterday to Treasury Secretary Jack Lew, Senate Finance Committee Chair Orrin Hatch (R-UT) and House Ways and Means Committee Chair Paul Ryan (R-WI) reminded Secretary Lew of the critical need for the Treasury Department to “remain engaged with Congress” on their participation in the on-going Base Erosion and Profit Shifting (BEPS) project at the Organization for Economic Co-operation and Development (OECD). The Chairmen made clear that “[r]egardless of what Treasury agrees to as part of the BEPS project,” it’s Congress’ job to craft U.S. tax policy. (continue reading…)

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