10 Updates
Update: U.S. Corporate Tax Reform Likely On Hold Until November 2014

Update: U.S. Corporate Tax Reform Likely On Hold Until November 2014

Jan 10 2014, 10:42am CST | by

Despite their end-of-year push to overhaul the U.S. corporate tax code , Senators Max Baucus (D-Mont.) and Dave Camp (R-Mich.), who chair the tax-writing committees in Congress, appear to have...

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27 weeks ago

Update: U.S. Corporate Tax Reform Likely On Hold Until November 2014

Jan 10 2014, 10:42am CST | by

Despite their end-of-year push to overhaul the U.S. corporate tax code , Senators Max Baucus (D-Mont.) and Dave Camp (R-Mich.), who chair the tax-writing committees in Congress, appear to have missed their window of opportunity to implement any significant reforms prior to the mid-term elections in November 2014.

As the Financial Times reported , citing a number of Beltway insiders, the tax reform agenda will likely be sidelined by Baucus’ recent nomination as the next U.S. ambassador to China.  Chris Krueger, a policy analyst at Guggenheim Securities in Washington was quoted:

“If tax reform was going to happen, Max wouldn’t be leaving to go to Beijing.  He’s going about as far away as you can humanly go.  That was it for me.”

Remy Farag, senior tax analyst with Thomson Reuters who follows the reform debate closely said he thinks the delay in any substantial corporate tax reform has less to do with Baucus’ move to China and more to do with partisan politics.  He explains: “Despite all of the rhetoric on Capitol Hill about tax reform being around the corner, the prospects for reform have been slim due to the political makeup of the House.  The truth is, we are likely at least one congressional election season away from any kind of meaningful tax reform.”

An article in the Columbus Dispatch echoed Farag’s sentiment by diving further into the political ramifications Baucus’ move could have on the bipartisan legislation.  Quoting Rep. Pat Tiberi (R-Ohio), a member of the House Ways and Means committee, the Dispatch wrote:

“Tiberi worries that politics will quickly eclipse any progress. He said that despite years of work, a bill runs the risk of becoming the House Republican bill as soon as Camp introduces it, meaning it would be immediately politicized. It will take far more than the two congressional committees, he said, to get a bill passed.”

Adding to the complexity facing lawmakers are lobbying efforts by large U.S corporations who’ve had decidedly mixed reviews on the proposed corporate tax legislation.  As I wrote in December , the Alliance for Competitive Taxation (ACT) , which is made up of dozens of multinational corporations who support tax reform, has been critical of the Baucus/Camp plan.  Upon its proposal, the organization released the following statement:

“While we are encouraged by Chairman Baucus’ continued commitment to pass comprehensive tax reform, we are concerned that the international reform ideas in the staff draft undermine the stated goals of creating jobs, generating growth, and making America more competitive around the world. The Chairman has recognized how today’s uncompetitive tax code is already leading to the loss of U.S. companies. Unfortunately, many of these proposals would put the U.S. tax system even more out of line with the rest of the world.”

Could Congress surprise us and hammer out a corporate tax reform law in the first quarter?  It’s certainly possible.  House Budget Committee Chairman Paul Ryan (R-Wis.) has suggested that we may see a tax reform bill in early 2014.  But we’re still nowhere near the finish line.  To get there, Congress will need to get past the rigid partisanship that defined 2013 while also carefully weighing the concerns of big business.

Source: Forbes Business

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was t ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

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KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ro ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hish ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in comp ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk Seri Mustapa Mohamed s ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an all ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 2 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) tod ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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