Marc Gerson comments on the President Obama's international tax reform proposal, noting that the proposal represents much more than a series of loophole closers or compliance provisions. “It's a real, fundamental change in how U.S. multinationals are taxed,” Gerson said. “It has real-world, competitive, practical impacts. This is a big, big proposal.” He said the loss of the expense deduction under the administration's deferral proposal is “effectively the repeal of deferral” for some companies and said “there is a universe of companies that will voluntarily relinquish deferral in order to preserve the timing of deductions.” Companies will need to individually look at the president's proposals to see how they will be impacted, according to Gerson. “These are fundamental types of tax reform changes they're talking about,” Gerson noted.