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The Ways and Means Committee international tax reform discussion draft: key design issues

On Oct 26, 2011, House Ways and Means Committee Chairman Dave Camp released a discussion draft of a proposed territorial dividend exemption system, paired with a proposed reduction of the top corporate income tax rate to 25% (the "Discussion Draft"). This article examines the Discussion Draft's appr... Full description

Journal Title: Tax Management International Journal 2012-04-13, Vol.41 (4), p.167
Main Author: Noren, David G
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Washington: Bureau of National Affairs, Inc
ID: ISSN: 0090-4600
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title: The Ways and Means Committee international tax reform discussion draft: key design issues
format: Article
creator:
  • Noren, David G
subjects:
  • Controlled foreign corporations
  • Corporate income tax
  • Corporate income taxes
  • Disregarded entities
  • Dividend distributions
  • Domicile in taxation
  • Earnings
  • Foreign source income taxation
  • Foreign tax credits
  • Laws, regulations and rules
  • Personal holding companies
  • Proposals
  • Stockholders
  • Tax exemptions
  • Tax increases
  • Tax legislation
  • Tax rates
  • Tax reform
ispartof: Tax Management International Journal, 2012-04-13, Vol.41 (4), p.167
description: On Oct 26, 2011, House Ways and Means Committee Chairman Dave Camp released a discussion draft of a proposed territorial dividend exemption system, paired with a proposed reduction of the top corporate income tax rate to 25% (the "Discussion Draft"). This article examines the Discussion Draft's approaches to some of the key design issues presented by adopting a territorial dividend exemption system, including the treatment of domestic expenses and the "haircut" of the exempt dividend amount, the streamlining of the foreign tax credit rules, the addition of new Subpart F restrictions, the treatment of foreign branches, and the transition to the new regime. As the Ways and Means Committee and other tax policymakers develop variations on the proposal (such as the recent Enzi Bill), it will be interesting to see how the proposal evolves in response to the first several months of public comment, and how the various dials in the proposal are adjusted in response to revenue considerations.
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0090-4600
fulltext: fulltext
issn:
  • 0090-4600
  • 1544-0761
url: Link


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descriptionOn Oct 26, 2011, House Ways and Means Committee Chairman Dave Camp released a discussion draft of a proposed territorial dividend exemption system, paired with a proposed reduction of the top corporate income tax rate to 25% (the "Discussion Draft"). This article examines the Discussion Draft's approaches to some of the key design issues presented by adopting a territorial dividend exemption system, including the treatment of domestic expenses and the "haircut" of the exempt dividend amount, the streamlining of the foreign tax credit rules, the addition of new Subpart F restrictions, the treatment of foreign branches, and the transition to the new regime. As the Ways and Means Committee and other tax policymakers develop variations on the proposal (such as the recent Enzi Bill), it will be interesting to see how the proposal evolves in response to the first several months of public comment, and how the various dials in the proposal are adjusted in response to revenue considerations.
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subjectControlled foreign corporations ; Corporate income tax ; Corporate income taxes ; Disregarded entities ; Dividend distributions ; Domicile in taxation ; Earnings ; Foreign source income taxation ; Foreign tax credits ; Laws, regulations and rules ; Personal holding companies ; Proposals ; Stockholders ; Tax exemptions ; Tax increases ; Tax legislation ; Tax rates ; Tax reform
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abstractOn Oct 26, 2011, House Ways and Means Committee Chairman Dave Camp released a discussion draft of a proposed territorial dividend exemption system, paired with a proposed reduction of the top corporate income tax rate to 25% (the "Discussion Draft"). This article examines the Discussion Draft's approaches to some of the key design issues presented by adopting a territorial dividend exemption system, including the treatment of domestic expenses and the "haircut" of the exempt dividend amount, the streamlining of the foreign tax credit rules, the addition of new Subpart F restrictions, the treatment of foreign branches, and the transition to the new regime. As the Ways and Means Committee and other tax policymakers develop variations on the proposal (such as the recent Enzi Bill), it will be interesting to see how the proposal evolves in response to the first several months of public comment, and how the various dials in the proposal are adjusted in response to revenue considerations.
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