- The U.S. Must Avoid This Untested Approach To International Taxes
- February 3, 2017 | Authors: Peter A. Barnes; H. David Rosenbloom
- Law Firm: Caplin & Drysdale, Chartered - Washington Office
- Corporate profits are up, unemployment is down, wages are rising, and markets are breaking new records. These all point to a U.S. economy that is more stable than the economies of other developed countries.
So this seems like an odd time to conclude that the United States should experiment with a tax system that has never been adopted anywhere else in the world.
That’s where we stand, as President Trump and Congress consider corporate tax reform, particularly for international transactions. House Republicans support a “destination-based cash flow tax” designed in significant part by economist Alan Auerbach. President Trump initially cast doubt on the proposal, calling it “too complicated,” but then quickly clarified that the proposal is “still on the table.” To read the full op-ed by H. David Rosenbloom and Peter A. Barnes, please visit The Hill’s website.