Corporate taxes

Senate Republicans are discussing adding provisions to their tax bill that could trigger up to $350 billion in automatic tax increases over 10 years beginning in 2022, according to two people briefed by congressional staff members on the plan.

Three Senate Democrats who’ve tried to leverage their way into talks on the GOP tax-cut bill said Tuesday Republicans haven’t addressed their concerns in the legislation that’s emerged, a signal that the plan has little chance of getting any bipartisan support.

Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week—spring-loaded hikes that would begin after 2024 if the economy doesn’t grow as fast as GOP lawmakers have promised.

The Senate tax plan encountered its first outright Republican opposition this week, from a senator whose concerns might foreshadow the biggest business challenge ahead for the proposal.

Hours after House Republicans jubilantly passed their tax bill, their colleagues on the Senate Finance Committee approved a far different version—one that postpones difficult questions as lawmakers rush to refashion much of the U.S. economy on a tight timeline.

Differences with the as-yet-unpassed Senate bill need to be reconciled.

Ireland is set to miss a deadline to hire managers for Apple Inc.’s tax billions during an appeal of a European Union antitrust ruling, the latest delay in a saga that has dragged on for more than a year.

U.S. companies that make billions of dollars from patents and other intellectual property held offshore would be eligible for a special 12.5 percent tax rate on those earnings under the Senate tax plan.

Senate Majority Leader Mitch McConnell is about to face a legacy-defining test of whether he can keep his unruly caucus in line to deliver President Donald Trump’s coveted goal of “massive tax cuts” in 2017.

Tax breaks cherished by both the fossil fuel and renewable energy industries emerged unscathed in a tax plan unveiled in the U.S. Senate, according to details of the bill released Thursday evening by the chamber’s main tax writing committee.

Republican tax writers in the House and Senate scoured the U.S. tax code Thursday and shook the couch cushions for loose change, as one member put it, in an all-day struggle to find ways to pay for the deep tax cuts their leaders and President Donald Trump have promised.

A sweeping amendment from the chairman of the House tax writing committee transformed key provisions of the GOP tax overhaul bill to boost the rate applied to companies’ offshore cash, tweak rules for pass-through businesses and restore the adoption credit, ahead of a full House vote that’s expected next week.

The Senate tax bill that’s due to be released Thursday won’t include an excise tax on certain payments U.S. multinationals make to overseas affiliates, according to a person familiar with the legislation.

Treasury Secretary Steven Mnuchin isn’t ruling out delaying the start of a corporate tax rate cut, but emphasized the administration’s “strong preference” is for the relief to start in 2018.

The House tax-writing committee entered its third day of work Wednesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day.

The tax reform bill introduced last week includes major provisions related to the taxation of companies’ foreign income and of foreign persons.

Multinational companies including Apple Inc., Pfizer Inc. and Ford Motor Co. would face a new tax on payments they make to offshore affiliates under the House Republicans’ tax bill—a surprise provision that has stunned tax experts.

House Republicans should slow down their consideration of a tax-overhaul bill after investigative reports Sunday alleged offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., congressional Democrats and tax-advocacy groups said.

The House tax-writing committee begins debate Monday on the GOP’s proposed overhaul, kicking off four frantic days for lobbyists and lawmakers to revise a bill that represents President Donald Trump’s final hope for a signature legislative achievement this year.

President Donald Trump and congressional Republicans billed their tax overhaul for months as a benefit primarily for the middle class, but what they delivered Thursday was designed more to favor large corporations and some closely held businesses.