Overview
Tax Notes quoted Micah Green and Cameron Arterton in an article titled “Optimism Grows for Repatriation Relief in Trump Administration.” The article, published November 11, discusses why practitioners are increasingly optimistic about tax reform in the next Congress regarding a rate break on repatriated earnings. With the election of Donald Trump to the US presidency and the retention of Republican majorities in both the House and Senate, there is a large amount of common ground between Trump’s plan and the House reform blueprint.
Ms. Arterton says, "One thing that does seem very possible is some sort of coupling of tax reform with an infrastructure package, and part of the revenue from the repatriated earnings from that package would go to pay for that infrastructure piece.” She adds that cooperation and coordination between House Speaker Paul Ryan and incoming Senate Minority Leader Charles Schumer, which would be visible in the first few months of the new administration, would be necessary.
Mr. Green agrees. "Schumer and Ryan have indicated their desire to do tax reform, particularly on the business side because of our lack of international competitiveness, and [with] this idea of repatriating money that will never come [in from] offshore if there isn't a repatriation policy, it could all potentially come together into something that gets Democrats supporting a Republican package and gets Republicans supporting it because of the tax reform aspect of it.”
The full article can be read at Tax Notes (subscription required).