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Federal Tax Reform Reaches the States

As the Tax Cuts and Jobs Act (TCJA) has rolled out at the federal level, its impacts have been felt widely in the field of state and local taxation. McDermott’s Inside Salt blog has published a series of posts over the last few months addressing the different effects of the TCJA at the state level throughout the country, which can be found here. This week, Inside Salt addresses TCJA’s effects in New York, Idaho, Iowa and Minnesota. For McDermott’s comprehensive insights into federal tax reform, please visit our federal tax reform website.

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Globalism vs. Populism in the International Tax World

Adoption of the base erosion and profit shifting (BEPS) action items in specific countries can be expected to alter traditional multi-national enterprises (MNE) tax strategy processes. In this regard, it is appropriate to note that tax authorities and the Organization for Economic Co-operation and Development (OECD) often seem to overlook, or conveniently ignore, that MNE strategies are often a function of the rules established by countries to develop their own tax base (at the expense of other countries). In other words, countries, in their respective self-interests, grant incentives of various sorts to encourage economic investment. MNEs take advantage of these incentives to minimize their tax liabilities, which the BEPS process views as, somehow, inappropriate behavior of MNEs denuding the tax base of other countries. Like water going downhill, MNE planning strategies will utilize the most efficient path to achieve desired objectives. This is a fiduciary...

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