Following the release of the House Republicans' tax reform plan in June ({News-2016-06-27/P/2- previous coverage}), U.S. Congressman Jim Renacci R-OH issued an alternate and more ambitious plan on 14 July 2016 - the Simplifying America’s Tax System (SATS). The main aspects of the SATS tax reform plan include:
- Eliminating the corporate tax;
- Introducing a 7% business activity tax (credit-invoice method value added tax);
- Introducing a deemed repatriation of deferred foreign profits at a tax rat…