Law360 Quotes Peter Barnes on 25% Corporate Tax Rate Proposal

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.

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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.”

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