US Republicans And Democrats Come Together Over MTB
The Miscellaneous Tariff Bill (MTB), passed by the United States Senate on May 10, is unlikely to be grabbing any headlines in an increasingly uncertain and volatile world. But it deserves a mention, if only because it shows that Democrats and Republicans can come together on tax-related issues. It’s also refreshing to see a piece of legislation that will, hopefully, reduce trade taxes for US businesses, amid all the hubbub created by rumblings around raising barriers to trade with certain countries from some quarters of the presidential campaign.
This is a highly-charged political debate of course, involving as it does patriotism and economics, but mixing nationalism with economic policy is rarely a recipe for success, and can often come back to bite the Governments that carry them out (not to mention the people who suffer economically as result).
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look