Tax & Accounting News

TaxBuzz Top 5- Tech Giants Face Major EU Tax Penalties, Trump Pledges to Eliminate Taxes on Overtime Pay & More

9/13/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Tech Giants Face Major EU Penalties: Apple Ordered to Pay €13bn, Google Fined €2.4bn

Credit: Vera Tikhonova/Getty Images

In a significant blow to Apple, Europe's top court has ruled that the tech giant must pay Ireland €13 billion ($14 billion) in unpaid taxes, concluding an eight-year legal dispute. The European Commission accused Ireland of granting Apple illegal tax benefits, which Dublin has long contested. The Irish government announced it would comply with the ruling, while Apple expressed disappointment, accusing the Commission of attempting to retroactively alter tax rules. “This case has never been about how much tax we pay, but which government we are required to pay it to,” said Apple in a statement.

On the same day, the BBC reports, the European Court of Justice also ruled against Google, imposing a €2.4 billion fine for market dominance abuse related to its shopping comparison service. EU antitrust chief Margrethe Vestager hailed the decisions as a major victory for tax justice. "Today is a huge win for European citizens and tax justice," she said. The Google fine follows a previous €4.3 billion penalty related to Android software practices.

Tove Maria Ryding of the European Network on Debt and Development emphasized the need for broader tax reform, noting that the cases highlight deep flaws in the corporate tax system.

2. Trump Pledges to Eliminate Taxes on Overtime Pay in Potential Second Term

Credit: Jeff Swensen/Getty Images

At a campaign rally in Tucson, Arizona, former President Donald Trump vowed to push for legislation that would eliminate taxes on overtime pay if he secures a second term. “Today, I’m also announcing that as part of our additional tax cuts, we will end all taxes on overtime,” Trump declared, noting the potential benefits for both workers and companies. “That gives people more of an incentive to work. It gives the companies a lot, it’s a lot easier to get the people,” he added.

Trump’s proposal, announced in the battleground state of Arizona, aims to attract voters amidst a competitive electoral landscape. This follows his earlier promises to eliminate taxes on tips and exempt Social Security benefits for seniors.

Per CNN, the Harris campaign swiftly criticized Trump’s proposal, pointing to his past record on overtime pay. “Trump tried to rip away overtime pay for nearly 10 million workers and devastated families,” said Harris-Walz 2024 spokesperson Joseph Costello. “A second term will be even worse: Trump’s Project 2025 Agenda would allow employers to stop paying many workers overtime.”

The controversy traces back to a 2016 Obama-era rule aimed at raising the overtime salary threshold to about $47,500, which was blocked by a federal judge. The Trump administration’s 2017 decision lowered this threshold to approximately $35,600, affecting fewer workers. With the Biden administration’s new rule set to increase the threshold again, Trump’s stance could significantly impact future labor policies.

3. Sen. Wyden Challenges JCT’s Tax Figures on Ultra-Wealthy

Credit: Andrey Denisyuk/Getty Images

Senate Finance Committee Chair Ron Wyden (D-OR) has called into question the Joint Committee on Taxation's (JCT) recent report, which estimated that the top 0.01 percent of taxpayers paid an average federal tax rate of 34 percent in 2019. According to the Tax Policy Center, Wyden argues that this figure is misleading because it fails to account for the “buy-borrow-die” strategy used by the ultra-wealthy to evade taxes on capital gains.

This technique involves borrowing against assets to avoid selling them and thereby deferring or avoiding taxes. Wyden’s criticism came during a hearing focused on the upcoming 2025 tax debate, as several provisions of the Tax Cuts and Jobs Act are set to expire. His challenge underscores ongoing debates about the fairness of the tax system and the effectiveness of current tax policies in capturing the true tax liabilities of the wealthiest individuals.

The debate continues to influence discussions on tax reform and equity.

4. House Votes to Restrict Chinese Content in EV Tax Credit Legislation

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Credit: Phonlamai Photo/Getty Images

On September 12, the U.S. House of Representatives narrowly passed a bill aimed at tightening restrictions on Chinese content in vehicles eligible for U.S. electric vehicle (EV) tax credits. The legislation, which passed with a vote of 217 to 192, seeks to revise the definition of "Foreign Entity of Concern" to further exclude Chinese components from qualifying for these credits. The bill has yet to be considered by the Senate.

The Alliance for Automotive Innovation, representing major car manufacturers such as General Motors, Toyota, Volkswagen, and Hyundai, expressed concerns that the bill could reduce the number of vehicles qualifying for the tax credit and necessitate the rollback of stringent vehicle emissions and EV targets. Alliance CEO John Bozzella warned that removing these incentives could lead to economic and national security risks, diminishing U.S. competitiveness and adversely affecting consumers.

Spearheaded by Representative Carol Miller, Reuters reports that the bill is part of a broader effort to decrease reliance on Chinese supply chains for EV battery materials. Current regulations, under an August 2022 law, aim to shift the U.S. EV battery supply chain away from China. In response to industry concerns, the U.S. Treasury has granted automakers additional time until 2027 to phase out the use of certain Chinese-sourced minerals in EV batteries.

The Treasury Department and the Chinese Embassy in Washington have not yet commented on the latest development. Currently, only 22 of the 113 EV or plug-in hybrid models available in the U.S. are eligible for the tax credit, with just 13 qualifying for the full $7,500 credit.

5. Treasury Proposes New Corporate Alternative Minimum Tax to Target Large Companies

Credit: scanrail/Getty Images

On September 12, 2024, the U.S. Treasury unveiled proposed rules for a new corporate alternative minimum tax (CAMT), designed to address significant corporate tax avoidance. The CAMT, established under the 2022 Inflation Reduction Act, aims to generate $250 billion in revenue over the next decade from approximately 100 large companies currently paying an average effective tax rate of just 2.6%.

Reuters reports the proposed tax would apply to companies with an annual average adjusted financial statement income of $1 billion or more. These firms often use deductions and other strategies to reduce their taxable income, sometimes to zero. While the Treasury did not disclose the specific companies affected, it noted that many are paying less than 1% in taxes due to these strategies.

Treasury Secretary Janet Yellen said that the new rules are a crucial step in curbing corporate tax avoidance and ensuring that the most profitable corporations contribute a fair share. The proposed regulations aim to level the playing field for smaller businesses that lack the resources to engage in complex tax planning.

The rules, published in the Federal Register, include detailed clarifications on deductions and tax liabilities and will be applicable from the 2024 tax year. The Treasury is accepting public comments on the proposed rules until December 12, with a hearing scheduled for January 16, 2025.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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