MATH Briefing - 1st Quarter 2016: A 21st Century Tax Code: Implications for American Jobs and the Economy
DescriptionIt has been almost 30 years since the last major overhaul of the nation’s tax code. The global economy and international financial system have been transformed in the interceding years. While news of multinational inversions and corporate mergers often provokes a discussion of international tax reform here in Washington, other nations are moving forward with their own initiatives. The OECD’s Base Erosion and Profit Shifting project, known as BEPS, is advancing policies that are not widely considered to be in the best interests of the United States. Consequently, a consensus is emerging that the U.S. needs a tax code tailored to the realities of the 21st century to compete in the global economy.
This briefing will examine the United States’ current international taxation system as well as proposals emanating from abroad, such as BEPS. The impact of the current system on companies and communities will be addressed, along with the potential next steps Congress can take to modernize our tax code and build a stronger, fairer, more competitive international tax system.
Dorothy Coleman is vice president of tax and domestic economic policy at the National Association of Manufacturers (NAM). She is responsible for informing NAM members about tax-related issues and representing the association’s position to Congress, the administration and the media. As NAM spokesperson on tax policy issues, Coleman coordinates membership coalitions; prepares testimony, reports and analyses; and responds to media inquiries. From April 1998 to April 2000, she was NAM’s director of tax policy. Previously, she worked at Arthur Andersen, serving as a manager in the Office of Federal Tax Services. Earlier, she was chief legislative reporter for the Bureau of National Affairs’ Daily Tax Report. Coleman received a B.A. in economics from Manhattanville College and a law degree from Georgetown University Law Center.
Cathy Koch is the Ernst & Young Americas tax policy leader. Previously, she served as chief policy advisor to the Senate majority leader on tax and economics. Koch also led business outreach for the Senate leader and the Democratic Caucus, heading tax and economic policy initiatives for the leader’s office and playing a central role in strategy and communications for a broad range of issues. Previous positions include tax chief of the Senate Finance Committee and staff director of the Finance Subcommittee on Energy, Natural Resources and Infrastructure. During her tenure, she led the development of tax titles in legislation on energy, housing, agriculture, banking, TARP, stimulus and health care. Earlier, Koch spent two years as the director of U.S. tax policy for General Electric. She has also served as a director of global government affairs at Amgen Inc. Koch holds a B.A. in economics from Millersville University and a Ph.D. in economics from Georgetown University.
Raymond Wiacek is a partner at Jones Day, where his practice involves the tax and business aspects of financial and international transactions, including structured and cross-border financings, mergers and acquisitions, transfer pricing and international licensing and related planning for intellectual property. Wiacek led the worldwide team integrating Warner-Lambert and Pharmacia with Pfizer after those acquisitions. He recently negotiated and closed a number of cross-border financings for Bank of America, against many leading European banks. In addition to Bank of America and Pfizer, Wiacek’s representative clients include Bridgestone/ Firestone, Dow Corning, Isuzu Motors, Morgan Stanley, Transworld Oil and United Coal. He has also served as an adjunct tax professor at Georgetown University Law Center. Wiacek holds a B.A. from Yale University and J.D. from Harvard University.
For additional information, please contact Matthew Aleshire, Government Affairs Associate at email@example.com.