The Obama Administration Issues Updated Framework for Business Tax Reform: On April 4, the White House and the Treasury Department issued an updated version of The President’s Framework for Business Tax Reform (the Framework). The joint report was originally issued in 2012, calling for Congress to act on business tax reform. The five elements of the Framework are: (1) reducing the corporate tax rate and broadening the business tax base; (2) increasing incentives for clean energy and manufacturing; (3) establishing a new minimum tax on foreign earnings; (4) simplifying tax returns for small businesses; and (5) ensuring business tax reform does not increase budget deficits. The April 2016 updated report reviews developments since the issuance of the original Framework, and details specific administration tax proposals, but does not appear to change the key elements of the Framework.
The release of the updated report comes at the same time the Treasury Department announced additional measures addressing inversions and earnings stripping. Click here for the Treasury fact sheet describing these recent actions. For prior DTU coverage of the regulations, click here.