Report: President Obama Exploring Whether To Raise Taxes By Executive Action
According to Forbes contributor Robert W. Wood, President Barack Obama is considering whether he can use his executive authority to increase taxes by closing so-called tax loopholes. Wood reports White House Press Secretary Josh Earnest confirmed the president is deliberating the matter. Earnest said, “The president has asked his team to examine the array of executive authorities that are available to him to try to make progress on his goals. So I am not in a position to talk in any detail at this point, but the President is very interested in this avenue generally.” The changes the president and his cabinet are exploring include:
- Ending the tax break for carried interest;
- Raising taxes on retirement savings;
- Tightening the classifications of independent contractors;
- Requiring businesses that purchase more than $600 worth of goods or services from a contractor to verify the that contractor’s Taxpayer Identification Number with the IRS; and
- Denying tax deductions for donations linked to college sports tickets.
Additionally, Bloomberg reports the U.S. Securities and Exchange Commission is expanding its tax oversight. The news agency reports, “expanding a review aimed at pushing companies to say more about big overseas tax fluctuations that it says make it difficult for investors to predict earnings.”
Stay tuned to Connecting the Dots as these stories develops and tell us – what do you think of these possible tax increases by emailing MSCI Vice President for Finance and Government Affairs Jonathan Kalkwarf.