History of Taxes
What event was a significant factor in the repealing of the Bush Tac Cuts
The 2008 recession
Investing in qualified small business stock
Avoidence
Which American company has almost $215 billion banked in Ireland?
Apple
Which country has a specific tax rate for new tech companies?
China
Which tax provision would increase taxation specifically on CEO compensation?
Excessive CEO compensation act
What year was the Tax Cuts and Jobs Act introduced?
2017
Putting money into a health savings account
Avoidence
Name a defining characteristic of a tax haven?
No or low tax laws, Minimal reporting of information, Lack of transparency obligations, Lack of local presence requirements, Marketing of tax haven vehicles
What country has a similar windfall tax already in effect while having a lower corporate tax rate than the US?
UK
What are the proposed changes to property transfers on death?
Property transferred as a gift or in death will be treated as a sale
What conflict led to the introduction of property taxes?
The Quasi War
Electing to omit cash transactions from an all-cash business
Evasion
Is utilizing a tax haven illegal in the US?
No
Most nations compared in this presentation have a corporate tax rate of around what?
20-25%
What amount is the proposed limit on like kind exchanges for a single taxpayer?
$500,000
Which amendment allowed for the introduction of direct taxation (income tax)?
16th
Failing to report crypto transactions
Evasion
Name one of the top ten most prominent tax havens?
British Virgin Islands, Cayman Islands, Bermuda, The Netherlands, Switzerland, Luxembourg, Hong Kong, Jersey, Singapore, United Arab Emirates, (Ireland)
Name 2 of the 3 Countries with lower Tax revenue as a portion of GDP
Mexico, Ireland, Chile
Which proposed tax provision would create an excess tax on oil and gas companies?
Windfall tax
Which war resulted in the introduction of income taxes?
The Civil War
Holding money in banks located in tax havens
Avoidance
Name one organization or piece of legislation that fights tax havens
FACTA, OECD, TCJA
What does OCED stand for?
Organization of Economic Cooperation and Development
What does the Biden administration aim to raise the corporate tax rate to? (Answer is a %)
28%