US corporate tax reform: have the seeds been planted and is there a deal to be done? - The US Senate has worked on a possible tax package since January. But no clear consensus has emerged on a larger package. Projected Tax Revenue - The real focus is on corporate tax reform, ieee’ 2015) spurred on by the inversion debate. “lee siee eee aa - In the Senate, a bipartisan bill was offered to “7. mie a \ encourage corporate profits abroad to repatriate / at a significantly lower rate (the Portman- [Peres Schumer bill). \ hs - In the House, a plan was offered in late July \ ndidded income that would allow corporations to repatriate at a ‘XN Taxes lower rate if they invested in “research and “ 10% development’ (the Boustany-Neal bill). The revenue from the deal would pay for the Highway Trust Fund — which needs money. - What is interesting for both bills is what did not Payroll Taxes happen: The White House remained silent. 32% - Could Congress (in league with US Treasury) slip a major corporate tax report into the appropriations bill using the “Reconciliation” process? Source: OMB Deutsche Bank Francis J. Kelly Global Public Affairs [email protected] 4 HOUSE_OVERSIGHT_026798