TAG Tax

By: Jenny H. Connors, J. Conrad Garcia and Kyle H. Wingfield
Williams Mullen (North Carolina and Virginia, USA)

On February 22, 2012, the Obama administration issued The President’s Framework for Business Tax Reform (the “Proposal”), an outline for what would be the first major overhaul of the U.S. Tax Code since 1986.

  In broad form, the Proposal would reduce the top income tax rate for corporations from 35% to 28%, increase revenues by eliminating dozens of perceived tax loopholes and deductions to broaden the overall tax base and create new disincentives for U.S. businesses to shift operations overseas, including, for the first time ever, a minimum tax on foreign earnings. Click here to read entire article.