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FINANCIAL TRANSACTION TAX TPC DRIVERS

multinationals generally do not face that same rate (as they would under a pure worldwide international tax system), but neither are those foreign profits completely exempt from U.S. Ĭurrently, the statutory tax rate on corporate profits earned in the United States is 21 percent. reforms that Congress is currently considering as well as on the new multilateral deal, it does not describe or assess the many alternative domestic and multilateral reforms that would take tax law in a fundamentally different direction.

FINANCIAL TRANSACTION TAX TPC DRIVERS

It then presents six facts to illustrate the drivers and goals of current reform proposals. lawmakers and the new multilateral deal on international corporate tax are intended to be mutually supportive, maintaining the competitiveness of the United States as a location for investment and for corporations to reside.

How tax proposals being considered by U.S.

taxation of multinationals, building on the basic approach to corporate international tax policy in tax legislation enacted in 2017 (known as the Tax Cuts and Jobs Act of 2017 ), seek to raise revenue and reduce profit shifting. multinationals to substantially lower their effective worldwide tax rates by shifting their profits abroad.

This paper first describes the following issues: lawmakers are currently considering, including how those proposals would connect to a new multilateral agreement on international corporate taxation. In this set of economic facts, The Hamilton Project and the Tax Law Center at NYU Law present background on the international corporate tax proposals that U.S. Senior Attorney Advisor - The Tax Law Center at NYU Law