BEPS News…
Congress Examines BEPS Impact on US Business
A pair of Congressional hearings on Tuesday brought fresh scrutiny to the OECD’s efforts to radically rewrite global tax rules. Multiple members questioned Treasury representative Bob Stack about the Department’s intentions to implement BEPS without Congressional action, as well as on the serious privacy concerns raised by invasive reporting requirements.
In anticipation of the hearings, CF&P President Andrew F. Quinlan issued the following statement:
“It’s better late than never. Today’s hearings represent a welcome first step toward greater congressional involvement in the ongoing efforts of the OECD to dismantle tax competition and establish a global tax cartel.
BEPS placed a target squarely on the back of American business, and the Obama administration is openly plotting to circumvent Congress in order to implement as much of the OECD’s invasive requirements as it can get away with. It is essential that Congress follow today’s hearings with swift action – such as through use of their power of the purse – to prevent that from happening.”
Now Congress Must Act
Explaining how industry representatives have failed to stand up to the OECD, Quinlan wrote in The Hill following the hearings that it’s passed time to act. “Congress,” he said, “must ensure the U.S. leads by example.” http://thehill.com/blogs/congress-blog/foreign-policy/261883-congress-must-defend-us-interests-on-global-tax-issues
Free Market News…
CF&P Letter Cautions Congress on RAWA
With a hearing scheduled for December 9th, CF&P reiterated its strong opposition to the “Restoration of America’s Wire Act” and other efforts aimed at limiting the ability of states to regulate their own affairs. http://freedomandprosperity.org/2015/letters/letter-on-rawa-hearing/
Postal Service Banking is a Bad Idea
An idea floated by Presidential candidate Bernie Sanders would expand the postal service into offering financial services. He argues it would provide an alternative to payday lenders, but instead it would put taxpayers on the hook for yet more USPS red ink, says President Quinlan. http://freedomandprosperity.org/2015/opinion-and-commentary/a-new-social-engineering-mission-wont-save-postal-service/
From the Market Center Blog…
Everything You Need to Know About Deductions, Loopholes, and Special-Interest Tax Provisions
Dan Mitchell breaks down the overly complicated tax code, and explains how to fix it. http://freedomandprosperity.org/2015/blog/everything-you-need-to-know-about-deductions-loopholes-and-special-interest-tax-provisions/
Four Principles to Boost America’s Economic Ladder of Opportunity
Statists get the economy all wrong. It’s not a fixed, which means the best way to promote opportunity is to increase growth. http://freedomandprosperity.org/2015/blog/four-principles-to-boost-americas-economic-ladder-of-opportunity/
The Department of Agriculture is a Welfare Scam
Has the Department of Agriculture taken over the top spot on the list of Washington departments most deserving of elimination? Dan Mitchell asks and answers. http://freedomandprosperity.org/2015/blog/big-government/the-department-of-agriculture-is-a-welfare-scam/
