By David Shakow and Jonathan Prokup By now, most observers of, and participants in, the European economy are familiar with the drama playing out in Greece. Swamped by large debts and a seemingly uncontrollable fiscal deficit, the Greek government is facing the possibility of defaulting on its sovereign debt obligations. Even if Greece’s monetary partners … More It’s April 29th; Do You Know Where Your Euros Are?
By Jonathan Prokup and David Shakow You might recall our prior post on the Wyden-Gregg tax reform proposal in which we discussed the proposed limitation on corporate interest deductions. To summarize, the legislation would limit the deductibility of payments on corporate debt to the amount of the interest in excess of the annual rate of … More More on Wyden-Gregg’s Interest Disallowance Rule
By Jonathan Prokup and David Shakow We previously discussed how the Wyden-Gregg bill proposes reducing interest deductions to the extent the interest simply compensates for inflation. Inflation affects tax calculations in two ways. First, it affects the dollar figures in the Code so that, for example, when your wages keep up with inflation, but you … More The Wyden-Gregg Tax Reform Bill – Part I (cont’d)