OPINION: Almost everyone agrees that the two greatest economic problems facing the US are the growing Federal deficit and persistently high unemployment and underemployment. So it is surprising to a long-time tax practitioner that the two leading proposals for corporate tax reform in the US – lowering the corporate tax rate through base broadening and adopting a territorial tax system – are almost certain to make both problems worse.
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The flagship 2025 tax legislation has sprawling implications for multinationals, including changes to GILTI and foreign-derived intangible income. Barry Herzog of HSF Kramer assesses the impact
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