Below are all the posts — topics as well as replies — that mention the hashtag #tax.
Mention #tax in your post to continue the discussion!
I was let go today after being with the bank 14 years. Curious if I was targeted to prevent a potential much bigger severance at 15 years.
Is there a way to change withholding to have less taxes taken out of severance?
Although I'm not surprised because I've watched things change for the worse. But I didn't see it coming because there are other job openings in my department. Same old sad story of a decent employee who thought they'd retire with the bank.
This should be done long time ago!
https://finance.yahoo.com/news/indias-sector-nervous-us-proposes-064803045.html
BENGALURU (Reuters) -India's massive IT sector faces a lengthy period of uncertainty with customers delaying or re-negotiating contracts while the U.S. debates a proposed 25% tax on American firms using foreign outsourcing services, analysts and lawyers said.
The sector is likely to be on the receiving end of a bill which, though unlikely to pass in its nascent form, will initiate a gradual shift in how big-name firms in the world's largest outsourcing market buy IT services, they said.
Still, with U.S. firms having to pay the tax, those heavily reliant on overseas IT services are likely to push back, setting the stage for extensive lobbying and legal battles, analysts and lawyers said.
India's $283 billion information technology sector has thrived for more than three decades exporting software services, with prominent clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot. It has grown to make up over 7% of GDP.
However, it has also drawn criticism in customer countries over job loss to lower-cost workers in India.
Last week, U.S. Republican Senator Bernie Moreno introduced the HIRE Act which proposes taxing companies that hire foreign workers over Americans, with the tax revenue used for U.S. workforce development. The bill also seeks to bar firms from claiming outsourcing payments as tax-deductible expenses.
The bill could not have come at a worse time for India's IT sector, which is struggling with weak revenue growth in its mainstay U.S. market as clients defer non-essential tech spending amid inflationary pressure and tariff uncertainty.
"The HIRE Act proposes sweeping changes that could alter the economics of outsourcing and significantly increase the tax liability associated with international service contracts," EY India's compliance head Jignesh Thakkar said.
In some cases, combined federal, state and local taxes could push the levy on outsourced payments as high as 60%, Thakkar said.
"While its partisan proposal may seem initially attractive, it's ultimately an artificial cost which makes organisations less competitive and profitable globally," said Arun Prabhu, partner at Cyril Amarchand Mangaldas.
Even so, the idea is gaining traction. This month, White House trade adviser Peter Navarro reposted a call from far-right activist Jack Posobiec for tariffs on services, not just goods.
"When political noise turns into regulatory risk, clients quickly insert contingencies, reopen pricing and demand delivery flexibility," said HFS Research President Saurabh Gupta.
"Clients will simply take longer to sign, longer to renew, and longer to commit transformation dollars," Gupta said.
Industry body Nasscom and IT firms Tata Consultancy Services, Infosys, HCLTech, Tech Mahindra, Wipro and LTIMindtree did not respond to requests for comment on implications of the bill.
BACKLASH BECKONS
Companies are likely to lobby hard against the proposed bill and challenge it legally if passed, legal experts and industry watchers said.
"A bill like this would probably face a lot of backlash from U.S. companies that rely heavily on outsourcing, who would likely bring litigation to challenge various aspects of the bill, if it were ever to be passed into law," said Alcorn Immigration Law CEO Sophie Alcorn.
Sweeping restrictions are unlikely given the practical hurdles in enforcing the bill's provisions, experts said.
"More likely is a diluted version, with narrower provisions or delayed enforcement," said HFS Research CEO Phil Fersht.
The bill could also affect U.S. firms' global capability centres (GCCs), which have evolved from low-cost offshore back offices to high-value innovation hubs that support operations, finance, research and development.
"It will be hard to pull back from existing work, but new set-ups and expansion may get impacted," said Everest Group partner Yugal Joshi.
The proposed tax will impact the cost arbitrage advantage that is among the deciding factors when establishing a GCC, said Bharath Reddy, a partner at CAM.
"However, the lack of availability of appropriate human capital in the U.S. will continue as a problem, and which can be addressed in the near future only through outsourcing," he said.
https://www.moreno.senate.gov/press-releases/new-moreno-bill-would-crack-down-on-outsourcing-fund-american-workers/
The pdf bill here
https://www.moreno.senate.gov/wp-content/uploads/2025/09/The-HIRE-Act.pdf
Ohio senator introduces 25% tax on companies that outsource jobs overseas | Fox News https://share.google/G3tXfTsJIrMo8qRBB
https://www.americanthinker.com/blog/2025/09/the_disappearing_american_worker.html
From the article:
One such privileged program is the F-1 OPT visa worker. F-1 visas are those granted to foreigners studying in the U.S. After graduating from university, these visas can be used for employment in the U.S. via OPT, optional practical training. They give a standard one year of eligibility, but they can be extended to three years for STEM graduates.
These foreign grads are preferred over U.S. grads due to a shocking tax bias, they are not subject to FICA taxes! Neither they, nor their employer, are charged Social Security or Medicare taxes during their F-1 OPT employment. This makes them hireable at a 15.3% discount over Americans.
So the corporation is given a tax benefit for reducing the American citizen employment base, the very base that keeps Social Security and Medicare solvent.
The results have been devastating for young Americans, while simultaneously underfunding the retirement fund for American seniors. The IRS details the bias on its website here.
How is Qualcomm the only company I've heard of that actually is LOSING OUT on the new corporate tax credits recently put into place, according to the CFO?
Maybe the accounting department isn't so great at their jobs. Of course, it's probably difficult to understand the US tax laws when you don't even work in country, I'm sure.
That is exactly what we need as a Nation in order to be able to compete apples-to-apples with Countries like Costa Rica, Mexico, Singapore, Vietnam, Slovakia, Czech, and our cousins from Puerto Rico. If I own a Company and can keep my operations/people at a competitive cost in the Continental US, why in the h--l would I offshore those jobs?
Next step is to add tariffs to imported finished, semi-finished, and raw components, and I can assure you Companies will start bringing manufacturing operations back. Yes, it will take time to re-do the supply chains, but we really need to start fixing the mess created during the last 25 years...