March 26, 2021
Senate Finance Committee discusses possible changes to international tax policy
The Senate Finance Committee held a hearing March 25 on the international tax provisions in the Tax Cuts & Jobs Act (TCJA) and the potential for further international tax reforms. During the hearing, Chairman Wyden announced that he will release a framework for international taxation in the coming days that reverses TCJA provisions for US-based multinationals, which “must pay a fair share,” rewards "companies that invest and create good-paying jobs in the US," and stops "rewarding companies that ship jobs and factories overseas." Kimberly Clausing, Ph.D., Treasury Deputy Assistant Secretary (Tax Analysis), testified that a “stronger minimum tax, stronger measures to tackle the profit shifting of foreign multinational companies and close cooperation with our allies all have an important role to play.”
A Tax Alert discusses the hearing. Additional Tax Alerts will be published when Chairman Wyden releases his international tax framework.