The recent tax bill introduced by the Trump administration may impose increased taxes on foreign companies operating in the United States, potentially dampening foreign investment. This article explores the implications for international businesses and the U.S. economy.
Tag: Tax Reform
Trump Proposes Establishment of External Revenue Service for Foreign Revenue Collection
In a significant policy announcement, former President Donald Trump has proposed the creation of an External Revenue Service (ERS) aimed at collecting revenue from foreign sources. This initiative seeks to enhance the United States’ ability to tap into international financial streams and ensure compliance with tax obligations among foreign entities operating within U.S. jurisdiction. The proposal has sparked discussions regarding its potential implications for international trade, taxation, and diplomatic relations.
Trump Urges House Republicans to Reach Consensus on SALT Deductions
Former President Donald Trump has called on House Republicans to establish a “fair number” regarding the state and local tax (SALT) deductions, a contentious issue that has significant implications for taxpayers in high-tax states. This request comes as lawmakers consider potential reforms to the tax code, with Trump emphasizing the need for a balanced approach that addresses the concerns of constituents affected by the current limitations on SALT deductions.