corporations

Businesses Say Foreign Payment Treatment May Breach Treaties
Provisions in House and Senate tax bills draw pushback

Ohio Rep. James B. Renacci says issues with the provisions in question must be resolved in conference negotiations. (Bill Clark/CQ Roll Call file photo)

Business advocates are warning that provisions in the House and Senate tax bills aimed at discouraging offshore migration of multinational operations could trigger trade disputes and retaliation by trading partners because they conflict with tax treaties.

The Semiconductor Industry Association, representing big chipmakers such as Intel Corp., Texas Instruments Inc. and Qualcomm Inc., told Republican leaders in a Dec. 5 letter that it has trade-related concerns about two House and Senate proposals that target multinationals’ payments to foreign affiliates, including payments for parts and other goods used in manufacturing, royalties, interest and management fees.

Capitol Ink | Musical Chair

Analysis: New Senate Tax Bill Solves Some Issues, Raises Others
‘This is largely a partisan exercise,’ McConnell tells CEOs

If there were any doubts that Republicans were bent on advancing the tax bill with only GOP support, those were squashed on Tuesday by Senate Majority Leader Mitch McConnell, seen here with Senate Finance Committee Chairman John Cornyn. (Bill Clark/CQ Roll Call)

The latest version of the Senate bill to overhaul the U.S. tax code solves some problems for Republican leadership, but potentially creates a host of others.

The updated chairman’s mark would direct more tax relief to lower- and middle-class Americans through several new provisions, including a proposed reduction in the tax rates for the current seven income brackets. But those cuts would now be temporary and expire in 2026. At the same time, the proposal would make the reduction in the corporate tax rate from 35 percent to 20 percent permanent.

Boastful Trump Ends Asia Trip Touting ‘Minimum’ $300B in Deals
Major trade announcement could slip to Thursday, president says

President Donald Trump boards Air Force One on Saturday. He did the same on Tuesday and is headed back to the United States. (Shealah Craighead/White House via Flickr)

President Donald Trump wrapped up his swing through Asia by boasting that he inked agreements to sell $300 billion in U.S.-made goods and predicting the total value of the deals could “quadruple.”

“I think the fruits of are going to be incredible,” Trump told reporters of his dealmaking during the 12-day trip just minutes before Air Force One lifted off from the Philippines.

Unhappy With Asia’s Trade Tactics, Trump Delivers Stern Warning
President says his administration will punish ‘chronic trade abuses’

President Donald Trump waves to the audience Friday after speaking at the Asia-Pacific Economic Cooperation summit in Danang, Vietnam. (Mark Schiefelbein/AP)

Updated 8:30 a.m. | President Donald Trump delivered a stern lecture to Asian leaders Friday, chiding them for profiting off an open U.S. market while taking advantage of America and its companies.

“The United States promoted private enterprise, innovation, and industry. Other countries used government-run industrial planning and state-owned enterprises,” Trump said during remarks at an Asia-Pacific Economic Cooperation summit in Danang, Vietnam. “They engaged in product dumping, subsidized goods, currency manipulation, and predatory industrial policies.

Capitol Ink | Tax Cut Turkey

Capitol-Ink-11-08-17

Trump Signals Agreement with O’Reilly Claim Media Is ‘Corrupt’
President said earlier that it’s ‘disgusting’ that press can ‘write whatever it wants’

President Donald Trump addresses the media during a recent meeting with Republican and Democratic members of the House Ways and Means Committee at the White House. (Getty Images File Photo)

President Donald Trump continued his weeks-long rhetorical attack on the media and First Amendment, lending credence to a conservative commentator’s stance that the American press often is “corrupt.”

After suggesting this week that he sees the media’s First Amendment protections as “disgusting,” the president on Friday morning retweeted former Fox News host Bill O’Reilly’s post that included this line: “A corrupt press damages the Republic.”

New Foreign Surveillance Bill Would Boost Privacy Protections
Top House Judiciary leaders reached decision last week

House Judiciary Chairman Robert W. Goodlatte and ranking member John Conyers Jr. introduced the so-called USA Liberty Act on Friday. (Bill Clark/CQ Roll Call File Photo)

House Judiciary Chairman Robert W. Goodlatte and the panel’s top Democrat Rep. John Conyers Jr. reached agreement last week on a new bill that would tighten privacy protections in a surveillance law considered vital by U.S. intelligence agencies.

The bill’s attempt to shore up civil liberties runs contrary to what the White House and intelligence agencies have sought, and is likely to face opposition from a group of national security hawks in the Senate who back the Trump administration position.

No Easy Answer for Vulnerable Dems When Trump Sends Invite
Heitkamp took Air Force One to N.D. event, but McCaskill skipped one in Missouri

President Donald Trump is pushing Sen. Heidi Heitkamp, D-N.D., to support a coming tax-overhaul package. (Bill Clark/CQ Roll Call)

One by one, President Donald Trump asked state and local officials to join him onstage during his Wednesday tax overhaul roadshow stop in North Dakota. And he saved perhaps the most important one, at least when it comes to getting the votes for such a rewrite of the tax code, for last, Democratic Sen. Heidi Heitkamp.

“You are all in favor of tax cuts,” Trump said to the group, as the North Dakota officials joined the audience in applause. “They work hard. They are with you 100 percent,” the president told the audience.

Trump Is Quickly Running Out of GOP Factions to Alienate
Republican strategist: ‘He’s basically crossing out all of his allies’

President Donald Trump’s ouster of White House chief strategist Steve Bannon is seen by some as his first major slight to his conservative base. (SAUL LOEB/AFP/Getty Images)

President Donald Trump is running out of Republican Party factions to offend and alienate after firing Steve Bannon, the White House chief strategist who was a bridge to the president’s conservative base.

Along with Friday’s blow to his base, a defensive and sometimes erratic Trump in the past few weeks alone has attacked once-supportive business leaders, GOP lawmakers and voters eager to distance themselves from far-right and white supremacist protesters in Charlottesville, Virginia. He’s also lashed out at Senate Majority Leader Mitch McConnell, a key player in any effort to push forward his legislative agenda.