Politics in Play: Are we headed for “tax relief” or just “taxmageddon” for U.S. business?

U.S. businesses and foreign multinationals with U.S. tax obligations should be on alert that the elements of a major U.S. tax reform legislative package are already in development within the U.S. Congress, the Obama Administration, and in interest groups and think tanks in Washington. There is a general acceptance in the U.S. Congress and the Administration that the current U.S tax code is in dire need of major reform. This consensus promotes lowering the U.S. corporate tax rate to promote global U.S. competitiveness, broadening the U.S. tax base, and simplifying the tax code. The final make-up of this tax reform package – to be debated in Congress starting this year and into 2013 – will depend significantly upon the outcome of the November 2012 U.S. elections. There is little doubt, however, given growing bipartisan interest and growing fiscal pressure, that there will be a significant tax reform package under active consideration in the next Congress.

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