CFO: Planning for Tax Policy Turmoil
media mentionOn top of the then-President-elect’s proposed tax breaks was the prospect of more-permanent and deeply rooted reforms contained in “A Better Way,” the tax-reform “blueprint” issued by House Republicans in June 2016. The reforms, which would likely have languished in Congress under a Hillary Clinton presidency, included elimination of the alternative minimum tax and a territorial tax system under which companies would be taxed only in the country where their income was earned — rather than taxed again when they repatriated it.
Inconceivable until last November, this wholesale revision of the corporate income tax system has become a real possibility. “It would be the most substantial sea-level change in the way we tax corporations in memory,” says Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a research organization.