President Obama and Congressional leaders continue to call for tax reform, including reform of the US international tax regime. In addition, fiscal policy is expected to dominate legislative discussion in 2013. Senators Carl Levin (D-MI) and Bernard Sanders (I-VT) have added to the tax reform and budget debates with separate bills addressing perceived international tax ‘loopholes.’
Although the Levin and Sanders bills are unlikely to be enacted as introduced, the specific provisions are now on the table as possible revenue raisers for the 2013 legislative session and could become part of the corporate tax reform debate. Companies that might be affected by these proposals should consider participating in the legislative process.