On 9 February 2016, the Obama administration's U.S. Budget proposals for 2017 were released. The main proposals regarding corporate taxation and international reform are summarized as follows.
19% Minimum Tax on Foreign Income
This proposal includes a 19% minimum tax on foreign income of U.S. multinationals that would be reduced by 85% of the effective foreign tax rate imposed on that income (not below zero). Under the minimum tax, foreign earnings would be subject to tax immediately when …