As Members of Congress attempt to deal with both the short-term and long-term budget challenges facing the US, both Democrats and Republicans admit that both budget cuts and tax reforms deserve serious consideration. On the spending side, Members have focused on the cost and sustainability of entitlement programs including Medicare, Medicaid, and Social Security, as well as defense spending. On the tax side of the ledger, Members have the opportunity to consider a variety of options to generate revenue including trimming deductions, increasing tax rates, and reforming a complex system of corporate taxation. Members of both parties claim that whatever reforms adopted must put the US on a more sustainable path while encouraging necessary economic growth. These decisions will affect every part of our economy, including the transportation and energy sectors.
In preparation for these discussions, CBO released a report on options for taxing US multinational companies.
Here’s a link to “CBO Tax Report.pdf” in my Dropbox:
Hope this is useful.