By Scilla Alecci/International Consortium of Investigative Journalists

The European Commission proposed this week to revamp the bloc’s tax system and introduce a single corporate taxation rulebook that would stop European governments from competing with each other to attract business investments by lowering tax rates.
The new proposal, the third the commission has put forward in the past 10 years, called for a unified way to tax corporations where they generate income rather than where they set up their headquarters – which is often in a low tax rate jurisdiction.
“Our tax rules should support an inclusive recovery, be transparent and close the door on tax avoidance,” trade commissioner Valdis Dombrovskis said in a statement.

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Posted on May 27, 2021

By Robert Reich

How do we prevent America from becoming an aristocracy, while also funding the programs that Americans desperately need?
One way is to get rid of a tax loophole you’ve probably never heard of. It’s known as the “stepped-up basis” rule.
Here’s how the stepped-up-basis loophole now works. Take a man named Jeff. At his death, Jeff owns $30 million worth of stocks he originally bought for a total of $10 million. Under existing law, neither Jeff nor his heirs would owe federal tax on the $20 million of gains because they’re automatically “stepped up” to their value when he dies – $30 million.
Close this stepped-up basis loophole and we help finance the programs the vast majority of Americans desperately need and deserve.

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Posted on May 25, 2021