Number Of The Week: 19 Percent
The proposed minimum tax rate on U.S. multinational
companies' foreign earnings, under President Obama's FY
2016 budget proposal released today. The 19 percent rate would
apply to new foreign earnings. The proposal would first impose a
one-time mandatory 14 percent tax on companies' earnings that
are currently held offshore—whether they choose to repatriate
those earnings or not. Please see below for a more detailed look at
tax proposals in the president's proposal.
IT'S BUDGET DAY!
Here's how this works in Washington: if the president's
proposed FY 2016 Budget wakes up and sees its (very, very large)
shadow, it foretells another seven months of partisan rancor over
revenue and spending levels before current government funding runs
out (and we near the debt limit.) Spoiler alert: the Budget's
shadow looms large this year over a Republican-controlled
Congress.
