On Tuesday, the Senate Finance Committee held a fourth in a series of recent tax reform hearings on international taxation with four witnesses on the panel including: Pam Olson, PricewaterhouseCoopers LLP; Anthony Smith, Vice President of Tax & Treasurer, Thermo Fisher Scientific; Dr. Rosanne Altshule, Professor, Rutgers University; Stephen Shay, Professor, Harvard Law School. Senator John Thune (R-S.D.), a co-chairman of the Business Tax Working Group, did not think that a broad-based tax code overhaul and revamp of the international tax system were mutually exclusive, but left the door open. Senator Thune noted that the working groups for both corporate businesses and international tax issues would have to come to a consensus before the May deadline for work to be completed and delivered to the chairman and ranking member.
On Wednesday, the House Ways and Means Subcommittee on Select Revenue Measures held a hearing on the burden of the estate tax on family businesses. The full House Ways and Means Committee will vote to mark up H.R. 1105, the Death Tax Repeal Act next week, the first vote of its kind in a decade. The administration’s FY 2016 Budget sought to expand the estate tax by modifying the step-up basis of assets with a few exceptions. The GOP proposal has little chance of becoming law and would be the subject of an immediate presidential veto threat if passed by either chamber of Congress.
For more information, please contact Brian Lenihan at lenihanb@agc.org or (202) 547-4733. Return to Top