The shifting of tax revenues is accomplished by accelerating corporate estimated tax payments. H.R. 1891 proposes to modify IRC Section 6655 as follows:
"Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)—
- Perhaps the entire child tax credit and a few other tax preferences should be denied for individuals claiming the foreign earned income exclusion or the foreign income exclusion amount should be reduced.
- Address a spending problem documented by the GAO in their series of reports on duplication, fragmentation and overlap in government programs that result in excess spending (click here for the report released in March 2015).
What do you think?