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David Brunori quoted in article “MNEs face greater compliance burden from proposed US Tax Fairness and Transparency Act”

International Tax Review

Below is an excerpt:

"The Tax Fairness and Transparency Act has absolutely no chance of passing in this or any other Congress. It will have no impact on federal tax reform," according to David Brunori, partner at Quarles & Brady. "The current Congress and administration are looking for ways to ease corporate tax burdens. This proposal increases them. It has no chance of passage and it will not be incorporated into any reform plan offered by the White House or GOP leadership."

The tax reform plan being designed by the Trump administration and GOP would shift the US system of worldwide taxation, which defers taxation on active foreign profits until they are repatriated, to a territorial system that only taxes profits earned in the US. Zarleng said that Pocan’s bill would move in the opposite direction and strengthen worldwide taxation by ending deferral.