Congress takes first steps toward tax reform: House passes bill setting broad parameters and expedited process for tax reform legislation; Senate begins culling industry tax preferences
07 August 2012Government Relations Client Alert
Businesses in the United States and foreign multinationals with U.S. tax obligations should be aware that the elements of a major U.S. tax reform legislative package are already being developed within the U.S. Congress, the Obama administration, and in interest groups and think tanks in Washington, D.C. The final make-up of this tax reform package 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 moving in the next Congress.