The International Monetary Fund has called for a ‘comprehensive reform’ of the US tax system in the concluding statement of its annual ‘Article IV’ consultation issued in June (see http://bit.ly/29D2CPf).
This reform ‘should aim at removing exemptions, simplifying the system, rebalancing from direct to indirect taxes, and reducing statutory rates for individual and corporate income taxes’.
The statement emphasises that ‘reform of the corporate income tax is badly needed’. It goes on to say that the corporate tax system should ‘adopt a territorial system but impose a minimum rent tax on the foreign earnings of US corporations. There should also be a mandatory tax on the existing stock of unrepatriated, foreign-sourced earnings.’
The International Monetary Fund has called for a ‘comprehensive reform’ of the US tax system in the concluding statement of its annual ‘Article IV’ consultation issued in June (see http://bit.ly/29D2CPf).
This reform ‘should aim at removing exemptions, simplifying the system, rebalancing from direct to indirect taxes, and reducing statutory rates for individual and corporate income taxes’.
The statement emphasises that ‘reform of the corporate income tax is badly needed’. It goes on to say that the corporate tax system should ‘adopt a territorial system but impose a minimum rent tax on the foreign earnings of US corporations. There should also be a mandatory tax on the existing stock of unrepatriated, foreign-sourced earnings.’
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