Sixty-two nations are cracking down on corporate tax evasion
A global crackdown on corporate tax evasion nears finalization.听The Organization for Economic Cooperation and Development听听to curb tax shelters and make companies pay taxes where they earn profits. US-based multinationals such as Google, Facebook, Starbucks, and Amazon have shifted profits to low-tax jurisdictions, much to some nations鈥� dismay. Sixty-two governments, companies, and nongovernmental organizations negotiated the plan, and 20 finance ministers from the world鈥檚 leading economies will discuss the plan on Thursday.听
How might New Hampshire measure the impact of new tax cuts?听The state will cut business tax rates starting in the new year, as a result of a budget compromise reached last month. Business taxes make up nearly 25 percent of the state鈥檚 revenue, and most corporate tax revenue comes from only one percent of state businesses.听? Says one tax attorney: 鈥淵ou can't really conclude five years from now that a particular change like a tax change is the reason why we added 220 or 2,500 jobs. It doesn't usually work that way鈥�. It鈥檚 going to be hard, honestly, to evaluate this.鈥�
Pennsylvania Governor Tom Wolf calls for broad based tax increase to avoid a deficit.Pennsylvania faces a $2 billion budget deficit and enters its 97th day of a听. Democrat Tom Wolf vetoed the legislature鈥檚 stop-gap spending bill last week. Wolf had proposed increasing the state personal income tax, broadening the base of the 6-percent sales tax, and levying a natural gas extraction tax. GOP lawmakers say they鈥檒l decide tomorrow how to move forward.
If you want something done right, do it yourself?听A small town in Massachusetts can鈥檛 wait any longer for the state to听. The town of Lee wants to levy a 3-cent-per-gallon tax increase on gasoline sold in its jurisdiction along Interstate 90. A state senator has introduced legislation to let all 351 Massachusetts municipalities follow suit.
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