Of Counsel Mike Semes co-authored a letter to the editor titled “Global Minimum Tax: Lessons from a Century of U.S. Multistate Taxation,” published Nov. 28, 2022, in TaxNotes International.
In the letter, Semes and his co-author say it would be a “daunting” task to manage a global minimum tax. U.S. states have for more than 100 years “wrestled with fairly taxing the profits of a group of separate legal entities doing business across borders of tax sovereigns,” they write. And they suggest that global minimum tax proponents should study this history “and not just rely upon academic studies somewhat detached from the reality of tax compliance.”
Read the letter.