Tax Consult
US Tax Legislation
With a divided Congress on Capitol Hill and other issues dominating the debate, tax legislation is less of a focus than it was in late 2022 when Congress passed and the President signed into law the “Inflation Reduction Act,” which contained a number of important and complex tax changes affecting corporations and individuals, including a new 15% minimum tax on book income, a particularly important development given its similarity in name, but not operation, with separate work at the OECD to create a global minimum tax (Pillar Two) and to address the increasing digitization of the economy (Pillar One). However, many other tax policy proposals, like the new Section 174 R&D rules, were not addressed in a post-election Lame Duck session at the end of the year, and Congress is struggling to find a way to address those. This page is designed to keep you abreast of legislation and understand its impact through insights from trusted Global Tax Services specialists as well as to begin to think about the major tax policy challenges that must be addressed next year given how much of 2017’s TCJA is scheduled to expire at the end of 2025.
Disruption meets its match - Global Tax Services
Reinvention landscape
Reinventing the Tax Landscape: Navigating a New Era
In an ever-evolving global economy, the tax landscape stands as a dynamic canvas, continuously reshaped by technological advancements, geopolitical shifts, and regulatory reforms. As we embark on this journey of reinvention, it becomes imperative to understand the contours of this transformed terrain and navigate its complexities with agility and foresight.
At the heart of this reinvention lies the intersection of traditional tax principles with innovative digital paradigms. The rise of digitalization has revolutionized business models, transcending geographical boundaries and redefining notions of value creation. In response, tax authorities worldwide are recalibrating their frameworks to capture the economic substance of digital transactions, ushering in a new era of digital taxation.
Moreover, the pursuit of sustainability and social responsibility has permeated the tax discourse, prompting stakeholders to scrutinize the environmental and societal impact of tax policies. Concepts such as carbon pricing and social taxation are gaining traction, reflecting a growing awareness of the interconnectedness between fiscal policies and broader societal goals.
Furthermore, the post-pandemic landscape has catalyzed a wave of fiscal stimulus measures and government interventions, necessitating adaptive tax strategies to navigate the resultant fiscal challenges. As countries grapple with mounting debt burdens and economic recovery efforts, tax policies are being reimagined to foster resilience, promote growth, and ensure equitable distribution of resources.
In this era of reinvention, businesses and individuals alike are confronted with a myriad of opportunities and challenges. The ability to adapt to changing regulations, harness technological innovations, and embrace sustainability imperatives will be pivotal in shaping tax strategies for the future.
As we chart our course through this transformed tax landscape, collaboration and knowledge-sharing emerge as indispensable tools for success. By engaging with diverse perspectives, leveraging cutting-edge expertise, and embracing innovation, we can navigate the complexities of the reinvented tax terrain and forge a path towards sustainable growth and prosperity for all.
In conclusion, the reinvention of the tax landscape heralds a new chapter in fiscal governance, characterized by innovation, sustainability, and resilience. By embracing change and fostering collaboration, we can harness the transformative potential of this new era and build a brighter, more inclusive future for generations to come.
Think beyond benchmarks to redefine performance in your industry
Strategy now
+200%
increase in global disruption between 2017 and 2022
58%
of CEOs are not confident in the current business strategy to strengthen future competitiveness
2.5x
the increased likelihood of outperforming peers when emerging technology informs and shapes strategy
10%
higher revenue growth realized by companies embracing reinvention