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Law360 Quotes Peter Barnes on 25% Corporate Tax Rate Proposal

October 26, 2017, Law360

Draft tax reform legislation to be introduced next week is likely to include a 25 percent corporate rate and a territorial system with a minimum tax of 12 percent to 15 percent, a Goldman Sachs report said.

. . .


Peter A. Barnes, a senior fellow at Duke University School of Law and a former tax executive with General Electric Co., [] predicted the two different rates would be troublesome.  Mr. Barnes is also Of Counsel to Caplin & Drysdale's International Tax and Tax Controversies practice groups.

“There will necessarily be line-drawing,” he said. “I think most tax professionals would prefer to see a single rate, even though that penalizes the companies that have fully reinvested their foreign earnings into new operations.”

To view the full article, please visit Law360's website (subscription required).

Excerpt taken from the article "Goldman Sachs Predicts 25% Corporate Rate In Tax Proposal" by Molly Moses for Law360.

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