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Essay Available:
Pages:
1 page/β‰ˆ275 words
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2 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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MS Word
Date:
Total cost:
$ 5.27
Topic:

International Tax Policy

Essay Instructions:

The international tax code affects the United States economy. In this discussion, you will comment on the complexity of the tax code and how the international tax code interacts with the U.S. tax code.
It was mentioned in our textbook that Pam Olson, former Treasury Assistant Secretary for Tax Policy, was quoted as saying, "It is difficult to predict the future of an economy in which it takes more brains to figure out the tax on our income than it does to earn it." Read Testimony of Pamela Olson Before the Senate Committee on Finance on International Tax Policy and Competitiveness, as well as the resource article What Are the Consequences of the New US International Tax System?, and comment on your experience with the complexity of the tax code by addressing the following questions:
Do you think that the new tax act helped or further complicated the tax code?
Have we become more competitive with other countries?
Why is international tax so important to the U.S. tax code?
In your post, cite specific code sections that support your comments.

Essay Sample Content Preview:

International Tax Policy
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Despite introducing some simplifications, the new tax act (the Tax Cuts and Jobs Act of 2017) has further complicated the tax code. Many new rules for taxation significantly change how U.S. multinationals are taxed on their foreign income. The new rules introduce concepts such as the Global Intangible Low-Taxed Income ("GILTI") regime, the Base Erosion and Anti-Abuse Tax ("BEAT"), and the Foreign-Derived Intangible Income ("FDII") deduction (What Are the Consequences of the New US International Tax System? 2020). Much as some multinational corporations benefit from the switch to a "territorial tax system" (where foreign earnings aren't taxed in the U.S.), other companies face new challenges with the "BEAT", which requires them to pay a minimum tax on certain income that is shifted outside the U.S.
The TCJA did make some changes to the tax code that may improve the U.S.'s competitiveness with other countries. For instance, the reduced corporate tax rate in the U.S. (21 percent) is now on par with the aver...
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