The UK announced that it will require importers to pay a carbon levy on certain goods imported from countries with a lower or no carbon price. Covered goods under the UK’s carbon border adjustment mechanism (CBAM) likely...more
Administration and Congressional tax negotiators abandon border adjustment tax, but leave unanswered questions regarding rates, revenues, and taxation of US multinationals. As Congress heads toward its late summer 2017...more
Ambassador Lighthizer Visits Congress To Discuss The President’s Trade Policy Agenda - In June, the Senate Finance Committee and Ways and Means Committee of the House of Representatives held hearings on the new...more
Update on Border Adjustment Tax - On June 13, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) suggested a five-year phase-in for the border-adjustment tax (BAT). The BAT proposal, a key part of Republican...more
With U.S. Trade Representative Confirmation, NAFTA Renegotiations Are Underway - On May 11, 2017, the Senate confirmed Robert Lighthizer as United States Trade Representative (USTR) in an 82-14 vote. Despite bipartisan...more
Real estate markets in both the U.S. and Europe continue to attract significant overseas investment. With interest rates at or near all-time lows, and dwindling returns in other asset classes, real estate has emerged as...more
On May 18, 2017, the House Ways and Means Committee, which writes the nation’s tax laws, hosted its first hearing of the year on tax reform. The Committee gathered a group of business leaders to testify on the best...more
Tax reform, perennially among the GOP's top priorities, has taken a back seat to other, more pressing priorities since an initial burst of interest caused by the Trump Administration's release of a one-page outline in April....more
In our Fall 2016 Economic Outlook, we set out at some length our analysis of the main factors which have contributed to the low “new normal” growth rates the world has experienced since 2011. We argued that trend annual...more
As the Trump presidency’s first 100 days came to an end on April 29, some initial promises on trade were carried out (such as withdrawing from the TPP), and others were not (such as labeling China as a currency...more
On April 26, 2017, Treasury Secretary Steven Mnuchin and White House chief economic advisor Gary Cohn announced President Trump’s latest tax reform proposals, titled “2017 Tax Reform for Economic Growth and American Jobs” and...more
On April 26, the Trump Administration made its much-anticipated release of several “core principles” of its tax plan. In doing so, the administration affirmed its desire to enact comprehensive corporate and individual tax...more
The Trump plan released this week proposes a significant reduction of tax rates applicable to business income (including income earned through pass-through entities) and a territorial system (with a one-time tax on...more
If the past 12 months have taught us anything, it’s that the future is hard to predict. One need only look at the ascendancy of Brexit, President Donald Trump, or even the New England Patriots in the second half of the Super...more
It has been over thirty years since the last major overhaul of the U.S. tax code, President Reagan's Tax Reform Act of 1986. That process took over two years and required cooperation between the President and both parties in...more
Impact of Country-By-Country Reporting on Multinational Enterprises - Perhaps the most challenging component of the Base Erosion and Profit Shifting (BEPS) initiative adopted by the OECD and G20 countries, Action 13...more
President Donald J. Trump campaigned on a platform of large tax cuts for businesses. With President Trump in the White House and Republicans controlling both the House of Representatives and Senate, does it mean businesses...more
In his first comments after the decision to withdraw the AHCA from House consideration, President Trump told the assembled media, "I would say that we will probably start going very, very strongly for the big tax cuts and tax...more
Comprehensive tax reform that lowers business and individual tax rates, streamlines the tax code, and allows U.S. businesses to become more competitive in the global economy are among the top priorities of the Trump...more
K&L Gates' Global Tax Group has been monitoring the potential impact of the Border Adjustment Tax (BAT) across a number of jurisdictions. In our 14 February 2017 update, we commented that issues regarding the legality of...more
Blake Rutherford and Howard Schweitzer of Cozen O'Connor Public Strategies analyze the future of tax reform and the implications on the business community. Blake: Today for this special briefing on tax reform, which is...more
President Donald Trump and Republican Congressional leaders have promised a major reform to the U.S. tax code in 2017. This reform, if anything close to these promises, will have significant implications for the energy...more
The election of Donald Trump in November has substantially increased the likelihood of major tax reform in the near future. While it is uncertain what shape such reform will take, there has been renewed interest in the...more
The new congress and administration are eagerly working to advance their policy agendas, and comprehensive reform of the tax code is at the top of the list for Republicans. Despite having unified control of the executive and...more
As Republicans hold control of the executive and legislative branches, comprehensive reform of the tax code is one of their top policy priorities. While they agree on the need to reduce the corporate tax rate and reform the...more