Republicans and tax reform… The candidates for the Republican presidential nomination may be calling each other “losers” and “lightweights” and “robots” and “cheaters,” but there is at least one issue around which they share common ground — corporate tax reform. Though there are minor differences in specifics there is major agreement that many of the corporate tax rules and laws that date back to the 1960s need to be rewritten.
Given that control of Congress will likely remain with the Republicans after the November elections, a Republican in the White House would improve the chances for substantive tax reform considerably. (Not to take sides; but the Democrats’ focus has been on tax policies that would soak the rich, not make the country more competitive.) That means the United States would become more competitive compared to other nations. It could mean billions of dollars flowing back to the United States for investment and job growth. And it would remove the incentive for U.S. companies to relocate their headquarters to low-tax nations. Read article
Pfizer and the Treasury… Today’s news that Pfizer and Allergan have nixed their $150 billion merger plan followed hard on the heels of Monday’s announcement that the Obama administration was issuing stiff new temporary anti-inversion rules.
Via the merger with Allergan, the Ireland-based maker of Botox, Pfizer could have cut its tax rate as well as as gain control of “the billions of dollars in revenue it was keeping overseas to avoid paying U.S. taxes on top of the taxes it had already paid in foreign countries,” The Wall Street Journal reported today. Read article
Republicans swap insults but agree on tax reform.
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The Obama Administration and the Allergan CEO disagree about whether the government wanted specifically to kill the giant drug merger.
“I have never seen [a merger] that poses so many antitrust problems in so many markets,” a top Justice Department official says.
The acquisition of the Prisoner brands from Huneeus Vintners is Constellation’s third purchase in less than a year.
Like other oil-producing countries, the OPEC member is struggling to plug the revenue gap caused by the oil price slump.
For the first time, Circle says, “any consumer in the U.S. and the U.K. will be able to beam sterling and dollars back and forth, instantly for free.”
With full end-to-end encryption, the instant message service has firmly aligned itself against law enforcement efforts to access communications.