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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.”

Tax Alert discusses the hearing. Additional Tax Alerts will be published when Chairman Wyden releases his international tax framework.