Moving to a Territorial Income Tax: Options and Challenges

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By Jane G. Gravelle (au)
Year: 2012
Pages: 47
Binding Paperback
ISBN 978-1-4578-3701-2

Product Code: 1457837013

Description

Among potential tax reforms under discussion by Congress is revising the tax treatment of foreign source income of U.S. multinational corporations. Some business leaders have been urging a movement toward a territorial tax, which would eliminate some U.S. income taxes on active foreign source income. Under a territorial tax, only the country where the income is earned imposes a tax. Territorial proposals include the Grubert-Mutti proposal (included in President Bushäó»s Advisory Panel on Tax Reform proposal in 2005) and, more recently, a draft Ways and Means Committee proposal and a Senate bill, S. 2091. The Fiscal Commission also proposed a territorial tax. Proposals have, however, also been made to increase the taxation of foreign source income, including S. 727, and proposals by President Obama. Contents of this report: Introduction; How the International Tax System Works; The Magnitude and Distribution of Foreign Source Income and Taxes, Actual and Potential; Issues in Considering Territorial Taxation; Design Issues in a Territorial Tax; Alternatives to a Territorial Tax; Appendix: History of International Tax Rules. Tables. This is a print on demand report.

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