Excerpt: “For all their differences, Rubio and Warren have done something important: They have jointly raised the flag of Economic Patriotism.” When Sen. Marco Rubio of Florida and Sen. Elizabeth Warren of Massachusetts agree on anything, that’s news in and of itself. After all, Rubio’s most recent legislative rating by the left-leaning Americans for Democratic Action is…
Excerpt: “Essentially, this comes down to fairness. In 2018, 60 Fortune 500 companies paid no taxes on a total of $79 billion in profits. That means multinational entities are still managing to avoid paying the taxes that domestic companies continue to shoulder.” It’s been a year-and-a-half since the Tax Cuts and Jobs Act (TCJA) was signed by…
Excerpt. “We must disentangle our supply chain today so that China cannot use economics to leverage better military or geopolitical outcomes.” With President Trump recognizing the 75th anniversary of D-Day in Europe this week, I found myself wondering how the historic giant of that era, Winston Churchill, would view the present day, particularly the West’s…
Editors note: Trade cheating, currency manipulation, IP theft, concentration camps, and military adventurism were not enough to get American newspapers to support China disengagement. Maybe this will change their minds. Websites of The Washington Post and the Guardian appear to now be blocked in China as the country’s government further tightens its so-called “Great Firewall”…
Excerpt: “less than half of the minerals used by America’s manufacturers are actually sourced domestically” Americans recently woke up to the news that China is threatening to cut off supplies of “rare earth” metals to the United States. It’s a troubling situation. But such alarming headlines could finally motivate Washington to rectify a longstanding problem…
By David Morse, Tax Policy Associate Director Law 360 reported this week that US Treasury officials believe multinational companies should anticipate new formulas as a part of future taxation. This is good news for companies producing in America who are tired of paying higher tax rates than many multinational enterprises (MNE). The Organization for Economic Cooperation…
Editor’s note: China will increasingly be carved out of global supply chains. Apple, already grappling with lacklustre response to its latest iPhone line-up, can ill-afford a sharp hike in import taxes [Debby Wu of Bloomberg News | December 18, 2018 |Financial Post] Apple Inc.’s suppliers will consider shifting iPhone production away from China should tariffs…
By Steven L. Byers, PhD, CPA Senior Economist The US international trade deficit in goods and services for April 2019 declined slightly to $50.8 billion, down $1.1 billion from $51.9 billion (revised) in March. US goods exports fell $4.4 billion, and services declined by $185 million. US goods imports declined $5.4 billion, and services fell…
Editor’s note: CPA has endorsed the EQUITABLE Act discussed by Senator Rubio in this op-ed. A new bill would ensure that U.S.-listed companies comply with American financial reporting rules. [Marco Rubio | June 4, 2019 | WSJ] Two decades after its accession to the World Trade Organization, China still uses its intertwined public and private…
Excerpt: U.S. products became globally competitive, and the U.S. trade deficit shrank. In 1988, Congress passed a law requiring the Treasury Department to issue twice-yearly reports identifying countries that manipulate their currencies After a long delay, the Treasury Department just released its latest semi-annual report on global currency exchange policies. The congressionally mandated report provides an assessment of…
