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President Biden’s FY 2025 budget again calls for corporate and individual tax increases
President Biden on March 11 sent Congress a fiscal year 2025 budget that proposes to increase taxes .
Cross-border Tax Talks
March 14, 2024
US Tax Policy: Chairman Dave Camp
Doug McHoney (PwC’s International Tax Services Global Leader) is at PwC’s International Tax Conference in Dana Point, California with former House Ways & Means Chairman Dave Camp, now senior policy advisor in PwC’s Washington National Tax Services. Doug and Chairman Camp discuss his political career, drivers behind US tax policy, how Congress negotiates tax legislation, the expiring provisions in the Tax Cuts & Jobs Act (TCJA), the prospects of Congress implementing Pillar Two in the years ahead, and how companies can get involved in the tax legislative process.
Timestamps:
- 1:35 - What motivated Chairman Camp to embark on a political career?
- 3:35 - What advice would Chairman Camp have for someone interested in elected office?
- 4:40 - What was Chairman Camp's experience working on the bipartisan Bowles-Simpson commission to address deficit reduction and how did it shape his views on tax policy?
- 7:15 - What concerns does Chairman Camp have with our current US debt levels?
- 8:55 - Should the US consider a national sales tax (i.e., value added tax)?
- 10:00 - What was the importance of bipartisanship when advancing tax legislation during Chairman Camp’s tenure as House Ways & Means Chairman?
- 12:30 - What is the state of bipartisanship when it comes to advancing tax policy in the current congress?
- 14:50 - Looking back, how have the international provisions from the TCJA worked out for US businesses?
- 20:00 - What are Chairman Camp’s views on the prospects of Congress passing significant US Tax Reform in 2025/2026?
- 23:00 - What is Chairman Camp’s view on reconciliation and how it affects tax policy?
- 25:15 - What are Chairman Camp’s views on the US eventually implementing Pillar Two?
- 27:15 - Build Back Better
- 28:00 - US taxable income v. CAMT v. GloBE income
- 29:45 - Implications of the current US R&D credit
- 32:00 - Implications of the CAMT
- 33:15 - US’s role in negotiating Pillar Two
- 36:00 - Why is the American Corporation important to the United States?
- 38:45 - Where can businesses turn to protect the employee base and ensure pro-growth policies that benefit the country?
Speakers
International Tax Services Global Leader, PwC US
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