Tax News Update    Email this document    Print this document  

March 26, 2021
2021-0637

Senate Budget Committee examines what Sanders calls 'Rigged Tax Code' for corporations and wealthy individuals

Sanders also introduces bills that would raise estate tax, increase corporate rate to 35%, eliminate tax provisions that he says encourage booking profits offshore

The Senate Budget Committee held a hearing on March 25, on "Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest Corporations Pay their Fair Share of Taxes." The witnesses were:

  • Abigail E. Disney, CEO and Co-Founder, Fork Films
  • Gabriel Zucman, Associate Professor of Economics University of California, Berkeley
  • Amy Hanauer, Executive Director, Institute on Taxation and Economic Policy
  • Maya MacGuineas, President, Committee for a Responsible Federal Budget
  • Scott A. Hodge, President, Tax Foundation

Testimony from the hearing is available here.

Additional information is available in the attached Tax Alert, along with summaries of the two tax bills that Chairman Bernie Sanders (I-VT) introduced on March 25: (i) "For the 99.5% Act" and (ii) "Corporate Tax Dodging Prevention Act." A press release on the two bills is also available here.

———————————————

Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Any member of the group, at (202) 293-7474 or wcey@ey.com.

———————————————
ATTACHMENTS

Senate budget, tax code hearing

Corporate Tax Dodging Prevention Act

For the 99.5% Act

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement