territorial - The S Corporation Association

S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye

Administration on Tax Reform

The President’s economic advisors have been unusually busy in recent weeks. National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft.

It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including:

The Camp Draft is budget neutral while the Administration’s plan would raise revenue;
The Camp …

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Increased Activity on Tax Reform

A Hill report from yesterday adds detail to the rumblings over the past week that the House Ways and Means Committee Republicans are putting together a discussion outline for tax reform. According to The Hill:

Sources say GOP lawmakers on the House Ways and Means Committee are working on a draft proposal that would shift the U.S. to a so-called “territorial” tax system, in which companies would basically only be taxed on profits made within American borders.

The Ways and Means plan would not be a fully drafted bill, but instead a proposal that would allow business groups and other stakeholders to …

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