Input of the US Advisory Panel on Federal International Tax Reform
AbstractIn November 2005, the U.S. President's Advisory Panel on Federal Tax Reform released a comprehensive Report titled â€œSimple, Fair, and Pro-Growth: Proposals to Fix America's Tax System.â€ The Report addressed all aspects of the federal income tax treatment of households and businesses under both domestic and international rules. This paper focuses on the proposals dealing with international elements of federal tax reform that affect multinational businesses. The report presents two broad Plans for improving the U.S. Internal Revenue Code in general and the international aspects of the Code in particular. The Simplified Income Tax (SIT) Plan recommends moving toward a territorial-based income tax system that would exempt active foreign-source business income of foreign branches and controlled foreign subsidiaries at the corporate level and would tax mobile foreign-source income. The Growth and Investment Tax (GIT) Plan recommends moving toward a consumption-based tax system that would tax U.S. businesses on total sales less certain inputs. To highlight the essential aspects dealing with the income tax, this paper will focus on the Simplified Income Tax Plan.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 262.
Length: 21 pages
Date of creation: Dec 2006
Date of revision:
Contact details of provider:
Postal: Coomunivcations Unit, B-1049 Bruxelles / Brussels
Fax: +32 2 298.08.23
Web page: http://ec.europa.eu/economy_finance/index_en.htm
More information through EDIRC
U.S.; federal tax reform; multinational businesses; territorial-based income tax system; foreign-source business income; subsidiaries; consumption-based tax system; Weiner;
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ECFIN INFO).
If references are entirely missing, you can add them using this form.