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Latest Tax News and Updates
Creative Tax Solutions
About Creative Tax Solutions
Creative Tax Solutions
serves taxpayers in
the entire United
States and U.S.
citizen living a...
Canada Could Also Face Trump Tariffs
While there has been a
concentration by President-
elect Donald Trump on
warnings of ...
Mexico 'Would Retaliate' Against Trump
Tariffs
In press interviews, Mexico's Economy Minister,
Ildefonso Guajardo, has sai...
US Congress Receives Bill To Cancel CEO
Tax Breaks
Legislation has been introduced in Congress to stop the
unlimited US co...
US Progresses Trade Disputes With China
The US Department of Commerce (Commerce) has announced its final
decision to impos...
Trump Reemphasizes His Tariff Threat
On January 11, during his first press conference since the
election, President-elect ...
USITC Accepting Comments On Tariff
Cut Petitions
On January 11, the US International Trade Commission (ITC)
began acceptin...
Latest Tax News and Updates - Creative Tax Solutions
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Latest Tax News and Updates - Creative Tax Solutions

Creative Tax Solutions help you settle your tax debt and financial management needs so you can start fresh and also help you get on the right path towards security and tax resolution. Creative Tax Solutions share some latest information related to tax.

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Latest Tax News and Updates - Creative Tax Solutions

  1. 1. Latest Tax News and Updates Creative Tax Solutions
  2. 2. About Creative Tax Solutions Creative Tax Solutions serves taxpayers in the entire United States and U.S. citizen living abroad. Creative Tax Solutions will diagnose your situation, with a free consultation, and then discuss the options that fit your available needs and resources so you can enjoy a debt-free life.
  3. 3. Canada Could Also Face Trump Tariffs While there has been a concentration by President- elect Donald Trump on warnings of increased import tariffs on Mexican exports to the United States, his spokesman Sean Spicer has indicated that exports from Canada could also be subject to the same tax response. Trump has frequently said that he would impose a 35 percent tariff on imports from US multinational companies – particularly motor companies in Mexico – that move their production facilities abroad at the cost of US jobs, and then sell products duty-free back into the United States.
  4. 4. Mexico 'Would Retaliate' Against Trump Tariffs In press interviews, Mexico's Economy Minister, Ildefonso Guajardo, has said that while US president- elect Donald Trump's threatened import tariffs are a global problem, Mexico will have to be prepared to retaliate immediately with its own measures. He did not specify what form those measures would take, but pointed to the fact that Mexico is the second- largest export market for US goods overall. The President-elect has frequently said that he would impose a 35 percent tariff on imports from US multinational companies (particularly motor companies) that move their production facilities abroad at the cost of US jobs, and then sell products duty-free into the United States.
  5. 5. US Congress Receives Bill To Cancel CEO Tax Breaks Legislation has been introduced in Congress to stop the unlimited US corporate tax deductions allowed for performance- based executive pay. Lloyd Doggett (D - Texas), a member of the House of Representatives Ways and Means Committee, senator Jack Reed (D - Rhode Island), and Richard Blumenthal (D - Connecticut) introduced the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act. It was pointed out that, under current tax law, a publicly traded corporation is generally permitted to deduct the cost of compensation from its revenues, with limits up to USD1m for each of the company's most senior executives. However, that limit does not include performance-based compensation, which can generally be deducted without any limit.
  6. 6. US Progresses Trade Disputes With China The US Department of Commerce (Commerce) has announced its final decision to impose anti-dumping (AD) margins and anti-subsidy countervailing duties (CVDs) on Chinese imports of biaxial integral geogrid products, used as a foundation in the construction of roads and railways. Commerce has determined an increased and substantial final AD margin of 372.81 percent for all Chinese manufacturers/exporters. Commerce has also calculated final CVD rates of between 15.61 percent and 152.50 percent. The US International Trade Commission (ITC) is scheduled to make its final decision that imports of the products from China are materially injuring the domestic industry on February 21 this year. If that decision is positive, Commerce will issue CVD and/or AD orders. In a comment, the Chinese Ministry of Commerce's Trade Remedy Investigation Bureau Director, Wang Hejun, expressed his disappointment at Commerce's decision and questioned the decision to impose such high duties on Chinese products.
  7. 7. Trump Reemphasizes His Tariff Threat On January 11, during his first press conference since the election, President-elect Donald Trump reemphasized his plan for import tariffs on US multinational companies that move their production abroad at the cost of US jobs and then sell products back into the United States. The President-elect has frequently said that he will impose a 35 percent tariff on their imports, and, in that respect, has particularly attacked US trading arrangements with Mexico under the North American Free Trade Agreement. A number of automotive companies have already responded to the threat of a US border tax. Earlier this month, Ford announced the cancellation of a proposed Mexican investment in favor of a USD700m expansion of its plant in Flat Rock, Michigan; Toyota stressed that it has no plans to decrease investment or employment in the US, despite plans to build a new plant in Mexico; and Fiat Chrysler suggested it may be forced to reconsider its commitment to production in that country.
  8. 8. USITC Accepting Comments On Tariff Cut Petitions On January 11, the US International Trade Commission (ITC) began accepting comments on petitions it has received seeking import duty suspensions and reductions in accordance with the new Miscellaneous Tariff Bill (MTB) process. The American Manufacturing Competitiveness Act (AMCA), which was approved by the US Congress in May last year, directed the ITC to establish a process for the submission and consideration of MTB petitions. Subsequently, the ITC arranged to accept petitions from October 14 until December 12, 2016, and members of the public will now have 45 days until February 24 to submit their comments. Renewal of the MTB, which last expired at the end of 2012, will eliminate or reduce import duties on hundreds of raw materials and intermediate products that are not produced or available in the United States. Without the MTB, manufacturers have been paying substantially higher tariffs on essential manufacturing inputs.

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