Paul Schmidt Comments on Senate Version of Proposed Tax Bill

News / November 27, 2017

Partner Paul Schmidt is quoted in an article published Nov. 27, 2017, by Bloomberg BNA. The article, “Senate Finance Releases Tax Bill Ahead of Floor Vote,” reports on the Senate Finance Committee’s proposed tax bill. Schmidt said one question raised by the bill’s text is what would be considered cash assets taxed at 5 percent versus illiquid assets taxed at 10 percent.

He said another key issue is a tax crackdown on companies that do a lot of business in intellectual property. The House version of the tax bill (H.R. 1) does this through a tax on foreign high returns. The Senate bill would impose a tax on global intangible low-taxed income (GILTI).

Read the article (registration required).

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