CEA Releases Report on Corporate Tax Reform: The Council of Economic Advisers released a report analyzing the impact of the proposal to reduce the top statutory federal corporate tax rates from 35% to 20%. The analysis concludes that such a reduction would increase average household income in the United States by more than $4,000 per year.
Senate Budget Committee Releases Budget Resolution Report: The Senate Budget Committee released a report to accompany its fiscal year 2018 Senate budget resolution that was passed out of committee on September 29.
OECD Releases Progress Report on Preferential Regimes: The OECD released a 2017 progress report on preferential regimes as part of the Base Erosion and Profit Shifting (BEPS) Inclusive Framework. All Inclusive Framework members have committed to implement minimum standards relating to preferential tax regimes where a peer review is undertaken to identify features of such regimes that can facilitate base erosion and profit shifting, and therefore have the potential to unfairly affect the tax base of other jurisdictions. The report provides details on the outcome of peer reviews undertaken of 164 preferential tax regimes identified amongst the more than 100 jurisdictions participating in the Inclusive Framework.