Latest news with #taxprovisions
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Wall Street Stages a Weird Tax Bill Freakout
'Wall Street'—meaning, we think, a subset of analysts with too much free time—is staging a freakout about the One Big Beautiful Bill's tax provisions. Allow us to suggest they read the thing first. We have, and we can reassure you that it isn't an anti-investment, protectionist 'sledgehammer,' despite florid reports to the contrary. The latest odd panic concerns Section 899, which would create a retaliatory tax on nationals of countries that impose 'unfair foreign taxes' on American companies. Misunderstanding is now rife, but this isn't a catch-all protectionist provision. House tax writers are trying to deter foreign taxes arising from the global corporate-tax harmonization project devised by the Organization for Economic Cooperation and Development and endorsed by the Biden Administration. The OECD project includes a 'pillar one' excess-profits tax on large, mostly American companies especially in tech and pharma, and a 'pillar two' global minimum corporate-profits tax of 15%. Section 899 takes aim at governments that attempt to collect those taxes from U.S. companies—and only those taxes. The provision specifies that it applies to foreign taxes that implement an 'undertaxed profits rule' or a digital-services tax, both of which are hallmarks of the OECD plan. Section 899 applies up to a 20% surtax on U.S.-taxable income of companies and individuals from countries that impose the OECD taxes on U.S. firms.
Hospitality Net
23-05-2025
- Business
- Hospitality Net
AHLA Statement on the U.S. House-Passed Reconciliation Package
WASHINGTON - The American Hotel & Lodging Association (AHLA), the leading voice representing all segments of the hotel industry, today issued the following statement from AHLA President & CEO Rosanna Maietta following the inclusion of key tax provisions critical to the hospitality industry in the U.S. House-passed Budget Reconciliation package: This is a win for Main Street businesses. We commend lawmakers for including critical tax provisions in the budget reconciliation bill that will prevent a tax increase on American workers and the small businesses that are the backbone of America's hotel and lodging industry. This is a critical step to stave off the expiration of important tax provisions that will provide our members, the majority of whom are small business owners, the level of certainty they need to effectively operate their businesses. We urge the U.S. Senate to swiftly pass this legislation and send it to President Trump's desk. Additional Background AHLA supports the House's inclusion of permanency for Small Business Deduction (Section 199A) and applauds the increase of the Qualified Business Income deduction. The majority of hotel owners are bona fide small business owners who license the name and standards from nationally recognized hotel brand companies. These are the entrepreneurs who own real estate, acquire capital, employ workers and undertake financial risk. The expiration of the small business deduction would significantly increase their taxes – inhibiting their ability to reinvest back in their employees and businesses. The majority of hotel owners are bona fide small business owners who license the name and standards from nationally recognized hotel brand companies. These are the entrepreneurs who own real estate, acquire capital, employ workers and undertake financial risk. The expiration of the small business deduction would significantly increase their taxes – inhibiting their ability to reinvest back in their employees and businesses. AHLA supports the House's preservation of the Like-Kind Exchange (Section 1031). Maintaining Internal Revenue Code Section 1031, allowing for like-kind exchanges, as it currently exists, is critical. Any limits, caps or efforts to repeal the current law would significantly reduce new investments and inhibit job creation. This provision allows real estate owners to defer capital gains taxes if the proceeds are employed to purchase another property and, in the process, create new jobs, improve their community and promote economic activity. Maintaining Internal Revenue Code Section 1031, allowing for like-kind exchanges, as it currently exists, is critical. Any limits, caps or efforts to repeal the current law would significantly reduce new investments and inhibit job creation. This provision allows real estate owners to defer capital gains taxes if the proceeds are employed to purchase another property and, in the process, create new jobs, improve their community and promote economic activity. AHLA welcomes the House's extension of bonus depreciation at 100% for almost 5 years. Bonus depreciation incentivizes hotel industry members to make capital improvements that support jobs across a myriad of sectors, enhance existing properties and draw in new guests with modern updates. About the American Hotel & Lodging Association (AHLA) The American Hotel & Lodging Association (AHLA) is the largest hotel association in America, representing more than 30,000 members from all segments of the industry nationwide – including iconic global brands, 80% of all franchised hotels, and the 16 largest hotel companies in the U.S. Headquartered in Washington, D.C., AHLA focuses on strategic advocacy, communications support, and workforce development programs to move the industry forward. Learn more at Rosanna Maietta AH&LA View source
Bloomberg
12-05-2025
- Business
- Bloomberg
SALT, Tips and Auto Loans: A Guide to the House GOP Tax Bill
House Republicans' release of the tax provisions in their massive fiscal bill provides a crucial initial reading of what party leaders think could pass, culminating weeks of intense negotiations among fractious GOP lawmakers. But the bill still may change as leaders strike more deals to secure passage in the House. And Senate Republicans are likely to follow their own path, requiring more compromises.
