Congress is likely to consider domestic climate change legislation during 2009, with a cap-and-trade system continuing to draw support from the Obama Administration and many leaders in Congress. Yet cap-and-trade regulations would take years for EPA to develop and implement, the desired price...

The current system of taxing the income of multinational firms in the United States is flawed across multiple dimensions. The system provides an artificial tax incentive to earn income in low-tax countries, rewards aggressive tax planning, and is not compatible with any common metrics of...

Section 877A was enacted in 2008 to impose a significant price on US citizens who expatriate. But the price was not right. The quarterly data on expatriations (published in the Federal Register since 1998) show an increasing trend since 2008. For example, 3,422 Americans expatriated in 2022, and...

The near adoption of Worldwide Combined Reporting (WWCR) in Minnesota has led to a blizzard of critical claims about WWCR from corporate tax lobbyists, the Tax Foundation, and the editorial board of the Wall Street Journal. These various groups have made a number of policy arguments that do not...

This paper performs a forensic analysis of Microsoft Corporation’s transfer pricing cost sharing arrangement based on forensic economic analysis of public and information, including Microsoft’s SEC and foreign country regulatory filings, documents disclosed during a recent federal court...

The global corporate minimum tax (GLoBE) as embodied in Pillar 2 of the OECD/IF BEPS 2.0 proposal was set in October 2021 at 15% of the financial statement income of within scope MNEs. That is also the rate and the base of the new US corporate alternative minimum tax (CAMT). The Single Tax...

US critics of Pillar 2 of the OECD BEPS 2.0 project have focused on the impact of the UTPR on tax credits such as the ones included in the Inflation Reduction Act and the CHIPS Act. In fact, those credits are unlikely to be affected because they are refundable. But this raises the broader...

In a recent article in the Canadian Tax Journal, it has been argued that a country that applies pillar 2 of BEPS 2.0 to a subsidiary or permanent establishment of a multinational within it could trigger an investment arbitration under a bilateral investment treaty with the home country of the...

This Perspective explores the implications for the home countries of large MNEs of the agreement reached by over 140 countries in 2021 to enact a corporate minimum tax of 15%. It argues that the corporate minimum tax complements the trend to reduce the negative impact of unfettered globalization...