Good Law, Now Bad Policy? Comments on the Senate Tax Hearings | Windham Brannon
The on-going Senate hearings on “Offshore Profit Shifting” have publicized and politicized long-standing tax laws used by American businesses with international trade. The Permanent Subcommittee on Investigations, under the Committee on Homeland Security and Governmental Affairs, is in the midst of a multi-year study to spotlight how U.S. multinational corporations – including stalwarts Apple, Microsoft, HP and Caterpillar — are shifting profits outside the U.S. tax base. The hearings are intended to expose how taxpayers are using provisions of international tax law to drive results contrary to the policymakers’ objectives.