The U.S. Tax Code: Love It, Leave It, or Reform It!

    View Authors 23 July 2014

    On July 22, 2014, the Senate Finance Committee held a hearing titled, “The U.S. Tax Code: Love It, Leave It, or Reform It!” The general topic of the hearing was international taxation, with a sharp focus on recent and possible future corporate inversion transactions. The hearing also addressed a variety of issues, including the high U.S. corporate tax rate, the potential benefits of a territorial tax system, and the impact that failing to reform the Internal Revenue Code (“IRC” or “Code”) would have on the U.S. economy. Witnesses also discussed the Organisation for Economic Co-operation and Development’s (“OECD”) base erosion and profit-shifting (“BEPS”) project, aimed at curbing multinational corporate tax avoidance.