The proposal is part of a broad tax reform bill unveiled by House of Representatives Republicans on Thursday, which promises to lower overall tax burdens and simplify the tax code. "I would view this 20-percent excise tax as a blunt instrument to address the problem. Still, as the tax debate heats up, foreign multinationals are likely to lobby hard against it, with domestic corporations linked to foreign affiliates possibly concerned as well. It was unclear, for example, from the bill's language how companies should calculate income "effectively connected" to their U.S. business, Tax Foundation's Ekins said. The House tax committee was scheduled to begin considering amendments to the Republican tax bill on Monday.

Source: The Star November 05, 2017 12:56 UTC