Insurance Industry Impact — Senator Baucus’ Discussion Draft on Changes to International Tax Rules
On November 19, 2013, Senate Finance Committee Chairman Max Baucus, D-Montana, released a “staff discussion draft” of a proposal to fundamentally change the way that U.S.-based multinationals avoid international double taxation of foreign income and to make other changes to the U.S. international tax rules. Baucus wants the draft “to spur a conversation about areas where Republicans and Democrats may be able to reach agreement on how to fix the broken tax code.”
This article discusses some of the key provisions of the Baucus staff discussion draft, particularly affecting U.S.-based multinationals with specific emphasis on the insurance industry.
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