CPA Applauds Wyden, Portman Bipartisan Bill to Disallow Foreign Tax Credits and Other Tax Benefits for Companies Operating in Russia

WASHINGTON — The Coalition for a Prosperous America (CPA) today applauded Senate Finance Committee Chair Ron Wyden (D-OR) and Senate Finance Committee Member Rob Portman (R-OH) for releasing a discussion draft of legislation to disallow Foreign Tax Credits for companies that pay taxes to the Russian government, and other tax benefits. Yesterday, CPA released a…

Sanctions Impact Due More to U.S. Economic Strength Than Dollar’s Reserve Currency Role

Summary Sanctions on Russia are devastating to the Russian economy Power of the sanctions is due to concerted international action, not to the US role as world’s “reserve currency” U.S. economic power owes more to the size of U.S. economy than to dollar’s reserve status Dollar overvaluation continues to be a huge problem for U.S.…

Good Financial Actions on Russia. Biden Must Go Further

On Saturday, the U.S. government, European Commission, and five major nations issued a statement on financial sanctions against Russia which targets some of the largest Russian banks and drastically reduces the ability of the Russian central bank to support the value of the ruble currency by restricting their access to their reserves held outside Russia.…

War in Ukraine Highlights Critical US Dependencies on Russia-China Axis

War in Ukraine Highlights Critical US Dependencies on Russia-China Axis By Jeff Ferry and Amanda Mayoral   Summary Points The Russian invasion of Ukraine reveals the weakness of US industrial strategy and our over-reliance on imports in manufactured goods and raw materials. The US is import-dependent in many industries critical to US national security. A…

Capital Flow Management: A Missing but Essential Economic Policy Tool

Capital flow management is coming back into vogue among economists, government officials in other countries and in international institutions. As international capital flows continue to grow to tens or even hundreds of trillions of dollars per year, washing around unpredictably between countries and financial institutions, officials are increasingly looking at ways to put some sort…

New Study: Global Currency Misalignment Challenges US Reindustrialization Efforts

A new CPA study, using widely accepted methodology and IMF data, shows that for the world’s major economies to achieve fair currency values and eliminate global imbalances, large adjustments in major currencies would be required. The dollar would need to fall by 16.6%, while the Chinese yuan would need to rise against the dollar by…