Legislative update: Senate Finance hearing on U.S. international tax system

Senate Finance hearing on U.S. international tax system

The Senate Finance Committee has scheduled for tomorrow, March 17, a hearing on the U.S. international tax system.

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In advance of the hearing the Joint Committee on Taxation (JCT) today released a report—JCX-51-15 [PDF 447 KB]—that addresses selected policy issues in the U.S. tax treatment of cross-border income and that provides:

  • A general discussion of international principles of taxation and how they are applied in the U.S. tax system
  • An overview of U.S. present law related to the taxation of cross-border income
  • A discussion of issues of interest to policymakers as they evaluate the U.S. international tax system—the competitiveness of the U.S. tax system, the economic distortions arising from deferral, the shifting of income and business operations away from the United States, the tax incentive to locate deductions in the United States, and inversions
  • Background data on cross-border income flows and economic activity, including mergers and acquisitions

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