International Tax Reform: Public Hearing Scheduled by Senate Committee on Finance

The Senate Committee on Finance has scheduled a public hearing on October 3, 2017, titled “International Tax Reform.”  The staff of the Joint Committee on Taxation has prepared a document “Present Law and Selected Policy Issues in the U.S. Taxation of Cross-Border Income (JCX-45-17), September 28, 2017 in relation to this hearing. The document is available here.  Below is an outline of the topics covered in the Joint Committee report:

Part I describes general international principles of taxation and how they are applied in the United States under present law.

Part II discusses selected issues that have been of particular interest to policymakers as they evaluate the U.S. international tax system, including the competitiveness of the U.S. tax system; the economic distortions arising from deferral; the shifting of income and business operations away from the United States; the tax incentive to locate deductions in the United States; inversions; and the Base Erosion and Profit Shifting Project undertaken by the OECD.  There was no discussion of the myriad problems or issues faced by the US individual living and working abroad.

Part III contains background data on cross-border income flows and economic activity, including mergers and acquisitions.

Thank you to Daniel Eckenrode, a rising young tax star, for bringing the Joint Committee on Taxation Report to my attention.

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