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Read. Follow. Verify.Congressional Hearing on International Tax Reform and Global Tax Trends
Record date · January 1, 2017
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What This Bill Does
The House Committee on Ways and Means held a hearing to discuss how the current U.S. tax code affects American businesses' competitiveness globally. The committee examined the impact of international tax policies, including the OECD's 'Base Erosion and Profit Shifting' (BEPS) project and European Union tax investigations, on U.S. jobs and corporate investment.
This hearing serves as a foundational step for potential legislative changes to the U.S. corporate tax code, which could alter how American companies are taxed on global earnings and impact domestic job retention.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
American multinational corporations
These companies face potential changes to their tax liabilities, compliance requirements, and the tax treatment of their global operations.
U.S. workers
The committee links corporate tax policy to the retention of domestic jobs and the movement of corporate headquarters overseas.
Key Facts
- The hearing was held on February 24, 2016, by the House Committee on Ways and Means.
- The committee is evaluating the impact of the OECD's Base Erosion and Profit Shifting (BEPS) project on U.S. companies.
- Chairman Brady stated that three major American employers moved their headquarters overseas in the first two months of 2016.
- The committee is investigating the potential for double taxation and increased compliance costs for U.S. firms due to international tax changes.
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- The committee is reviewing European Union state aid investigations that may impose retroactive taxes on American businesses.
- The hearing included testimony from four academic and legal experts regarding international tax reform.
Frequently Asked Questions
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Discoveries
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Focus on Global Tax Alignment
The hearing highlights a shift in congressional focus toward how international agreements like BEPS directly impact domestic U.S. tax policy.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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