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ARTICLE · 29 FEBRUARY 2012

Corporate Tax Framework Unveiled By Obama Administration

Withers LLP
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On February 22, the Treasury Department released President Obama’s business tax reform plan (the ‘White House Framework’), which sets out the administration’s approach to reforming a US business tax system that is ‘uncompetitive…inefficient [and] too complicated.’

United StatesTax
Kristin Konschnik
Kristin Konschnik
Sanford Davis
Sanford Davis
Mitchell Kops
Mitchell Kops
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On February 22, the Treasury Department released President Obama's business tax reform plan (the 'White House Framework'), which sets out the administration's approach to reforming a US business tax system that is 'uncompetitive...inefficient [and] too complicated.' The White House Framework contains five 'elements' of business tax reform: (i) cutting 'loopholes' and subsidies, broadening the corporate tax base and cutting the corporate tax rate, (ii) strengthening US manufacturing, (iii) strengthening the international tax system, (iv) simplifying taxes for US small businesses, and (v) restoring fiscal responsibility.

The cornerstone of the White House Framework is the lowering of US top corporate tax rates from 35% to 28%, while controversially maintaining the current US policy of taxing US corporations on their worldwide income and further proposing a minimum tax on foreign earnings. The Obama Administration has said that the purpose of the new minimum tax is to

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