Daily Tax Update - May 22, 2017: Witnesses Announced for Border Adjustments Hearing

Witnesses Announced for Border Adjustments Hearing:  Today, the House Ways and Means Committee announced the list of witnesses testifying at its May 23 hearing, “Increasing US Competitiveness and Preventing American Jobs from Moving Overseas.” Witnesses include:

  • Juan Luciano
    Chairman of the Board of Directors, President and CEO, Archer Daniels Midland Company
  • Brian Cornell
    Board Chairman and CEO, Target Corp.
  • William Simon
    Former President and Chief Executive Officer, Walmart US
  • Lawrence B. Lindsey
    President and Chief Executive Officer, The Lindsey Group
  • Kimberly Clausing
    Thormund A. Miller and Walter Mintz Professor of Economics, Reed College

Supreme Court Denies Review in Retroactive Tax Cases:  The US Supreme Court today declined to hear a challenge by several major corporations to the retroactive repeal of Michigan’s participation in the Multistate Tax Compact, a multistate agreement aimed at avoiding duplicative taxation among member states. The repeal allowed Michigan to retroactively alter its apportionment formula, resulting in approximately $1 billion in additional state taxes.