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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 29/07 New
Lowtax Editor Column, by Kitty Miv |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu
, Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 19/07 Expats
Turn Backs On US Taxes, Tax-News.com |
| 16/07
Congress Approves US Financial Reform Bill, Tax-News.com |
| 15/07 New
Lowtax Editor Column, by Kitty Miv |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-News.com
Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
| 09/07
Antigua Pursuing Trade Sanctions Against US, Tax-News.com |
| 08/07 New
Lowtax Editor Column, by Kitty Miv |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 05/07
Australian Mining Tax Agreement Reached, Tax-News.com |
| 02/07 Online
Trading For Expats, Investors Offshore special feature |
| 29/06 EC
To Extend Common System Of VAT, Tax-News.com |
| 28/06
Lowtax Dubai, annual update |
| 25/06 Jersey
Considers Tax Future, Tax-News.com |
| 22/06 VAT
Hiked In UK Emergency Budget, Tax-News.com |
| 21/06 Steady
Progress In TPP Negotiations, Tax-News.com |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
| 14/06 Ethical
Moonshine, Penelope Wise blog entry |
| 11/06 Germany
Purchases Stolen Tax Data Disc, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 07/06 G-20
Shelves Global Bank Tax, Tax-News.com |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 31/05
OECD And EU Strengthen Tax Cooperation, Tax-News.com |
| 28/05
Lowtax Guernsey, annual update |
| 25/05
Lowtax Jersey, annual update |
| 24/05 Lithuania
Summary PBTG Guide, added to Personal Business Tax Guide |
| 21/05
Lowtax Liechtenstein, annual update |
| 18/05 Latvia
Summary PBTG Guide, added to Personal Business Tax Guide |
| 17/05 Offshore
And The Euro, Jeremy Hetherington-Gore blog entry |
| 14/05 IO
Focus: Barbados, Investors Offshore special feature |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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House Ways And Means Committee Holds Tax Reform Hearing,
by Mike Godfrey, Tax-News.com, Washington 10 June 2005
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The House Committee on Ways and Means on Wednesday held its first major hearing
on fundamental tax reform for a decade, focusing on issues of
fairness, simplicity, and the impact on growth of the US Tax Code.
The panel, which heard testimony from several academics and tax experts,
sought to gather ideas on making compliance with and understanding of the tax code
simpler for American workers and businesses, in addition to ironing out economic
distortions and artificial incentives imposed by the tax code.
According to Committee chairman, Bill Thomas, a long time advocate of tax reform,
more than 14,000 changes have been made to the tax code since the last major
reform effort in 1986.
"The tax code imposes economic distortions that cost the US economy
as much as 50 cents for every additional dollar raised, and causes taxpayers
to waste 3.2 billion hours and as much as $100 billion complying with an increasingly
complex system," Thomas noted in a statement.
“In anticipation of recommendations from the Treasury Secretary on tax
reform, this hearing will be the first of several to inform Congress on the
need for and benefits of reforming the current tax code," the statement
added.
The hearing revealed a broad consensus among academics and lawmakers in favor
of tax reform, although opinions differed on how far reform should go.
“America needs a tax system that is fair, protects the poor, treats all
Americans the same and is easy to understand,” stated Committee member
Congressman John Linder (R-GA).
“This new system must be voluntary, not coercive or intrusive. It must
be transparent, eliminating hidden taxes and ensuring that all Americans know
what the government costs," he added.
However, fellow Republican, Rep. Nancy L. Johnson of Connecticut, who is a
possible candidate to replace Thomas as chairman after he reaches his term limit
next year, defended the various tax credits, exemptions and incentives that
some argue are the very aspects of the tax system that make it so complex.
"You've got to have better information for me to convince me that tax
credits aren't powerful or important in structuring a society," she stated.
The hearing also explored the issue of using the tax system to help reduce
the United States' record $696 billion trade deficit through "border adjustments".
These would impose value added taxes on imports and rebates on exports, a system
commonly employed in other countries.
However, Alan Auerbach of the University of California at Berkeley told the
Committee that tax reform "cannot reduce the trade deficit, at least not
through the tax treatment of exports and imports." Auerbach warned that
border adjustments would simply strengthen the dollar, "putting importers
and exporters in the same competitive positions no matter which approach is
adopted".
Glenn Hubbard, former chairman of President Bush's Council of Economic Advisers,
and currently dean of the Columbia University Graduate School of Business agreed
that border adjustments would be unlikely to significantly alter the trade gap.
"I don't think you should expect a border-adjusted tax, per se, to [close]
huge deficits," observed Hubbard.
The Presidential Advisory Panel on Federal Tax Reform is due to report to the
Treasury Secretary before July 31, 2005.
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