To date, there have been a number of legislative proposals that have examined the international component of tax reform. These proposals represent the first step in securing tax reform that establishes a modern, hybrid international tax system – similar to the one used by our trading partners – that would promote increased U.S. investment, while protecting America’s tax base.
Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today released over 1,400 submissions from stakeholders on how to best to overhaul the nation’s broken tax code. In March, the Committee sought input from the public in an effort to provide additional data and information to the Committee’s bipartisan tax working groups, which are currently analyzing existing tax law and examining policy trade-offs and available reform options within each group’s designated area.
House Ways and Means Committee
In its effort to reform our highly technical and complex international tax laws, the Ways and Means Committee held several public hearings involving these policies. Building on the testimony received, the Committee has released a discussion draft of a territorial tax plan to garner more specific input from employers, workers, tax practitioners and other tax experts.
Each of the 11 working groups a part of the Ways and Means Committee welcomed comments on tax reform. LIFT America, as well as several other thought leaders on the topic, provided recommendations to the Committee on fixing America’s broken tax system and the modernizing our international tax laws.
- LIFT America
- Business Roundtable
- Tax Foundation
- U.S. Chamber of Commerce
- National Association of Manufacturers
- National Foreign Trade Council
The JCT submit a report to the House Ways and Means Committee on America’s present tax law and offered suggestions for reform to the tax reform working groups.
Senate Finance Committee
This document is the fifth in a series of papers compiling tax reform options for Finance Committee members to consider as they work towards reform America’s tax code. This paper examines our international tax system and represents suggestions by witnesses at the Committee’s 30 hearings on tax reform, bipartisan commissions, tax policy experts and members of Congress.
Sen. Mike Enzi (R-WY)
The United States Job Creation and International Tax Reform Act of 2012 would allow U.S.-based company earnings currently sitting offshore to be brought back to America at a reduced tax rate; provide an exemption from U.S. tax for foreign earnings already subject to taxes in a foreign country; and reduce the U.S. tax burden on certain income derived from ideas and inventions.