Marc Gerson Discusses Obama Administration Business Tax Reform Proposal in Bloomberg BNA Daily Report for Executives

"Obama Plan Would Lower Corporate Rate, Aims to Maintain Worldwide Tax System"
Bloomberg BNA Daily Report for Executives
02.23.12Marc Gerson comments on the Obama Administration's recently-announced business tax reform proposal. Gerson called it surprising that the Administration would maintain the current system of worldwide taxation rather than move to the territorial system that U.S. multinationals are craving, particularly given the push from Republican tax writers, the recommendation from the bipartisan Simpson-Bowles commission, and its adoption by most of the nation's global competitors. "I think particularly the notion of maintaining the worldwide system and then adding on this minimum tax will raise concerns from a competitiveness standpoint," Gerson said, referring to the plan's new mandatory tax on overseas profits. In addition, "The lack of detail [in the plan] makes you think this will have more of a political impact than an impact on the tax reform debate," Gerson said.
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