Sam Olchyk and Kiley Boland published "US Professors Advocate International Tax Reform Before Senate Finance Panel" in MNE Tax on October 5, 2017. Here is an excerpt:
Witnesses at a Senate Finance Committee hearing held October 3 expressed discontent with the current US international tax system and agreed that American companies are treated unfairly in comparison to foreign companies operating in the US.
There was also consensus that the US tax base should be broadened but accompanied by appropriate and enforceable anti-base erosion rules.
The hearing, which featured testimony of four US tax professors, focused on proposed reform of the US international tax system, presented in a framework unveiled September 27. The framework, offered by Republican leaders, proposes a move to a territorial tax system coupled with a global minimum tax and deemed repatriation of US multinationals’ foreign earnings accumulated overseas.
Witnesses at a Senate Finance Committee hearing held October 3 expressed discontent with the current US international tax system and agreed that American companies are treated unfairly in comparison to foreign companies operating in the US.
There was also consensus that the US tax base should be broadened but accompanied by appropriate and enforceable anti-base erosion rules.
The hearing, which featured testimony of four US tax professors, focused on proposed reform of the US international tax system, presented in a framework unveiled September 27. The framework, offered by Republican leaders, proposes a move to a territorial tax system coupled with a global minimum tax and deemed repatriation of US multinationals’ foreign earnings accumulated overseas.