Tax Policy Update - March 10, 2015

NUMBER OF THE WEEK: 8 percent. The increase in the total amount of corporate profits kept abroad, according to the latest analysis of securities filings by Bloomberg News. The report confirms what U.S. companies have as much as $2.1 trillion in profits held offshore, with U.S. tech giants accounting for $420 billion of the total. The Obama Administration and several lawmakers have proposed various repatriation plans to bring at least some of the money back home to fund transportation and infrastructure projects. Such proposals have stalled, however. Read more here.

LEGISLATIVE LANDSCAPE

Senate Tax Reform Working Groups to Solicit Comment from Outside Stakeholders. According to a senior staffer with the Senate Finance Committee, the tax reform working groups will soon be ready to take comments from outside stakeholders. Though various industry groups have already met with members and staff, the committee is preparing to announce instructions for interested parties