STEVEN MNUCHIN/TAXES/TRADE DEALS/TREASURY/TRUMP AS PRESIDENT: “The Trump administration’s planned overhaul of U.S. corporate tax law came under attack Monday [12-11-17] from finance ministers of Europe’s five largest economies, voicing the growing anxiety among foreign executives and officials that the proposals would give American firms unfair tax advantages.
In a letter sent to Treasury Secretary Steven Mnuchin, the finance ministers said the U.S. overhaul contains protectionist measures that could violate double-taxation treaties and breach world trade rules. They zeroed in on several technical points that tax experts say could have greater impact internationally than the proposed headline corporate tax cut—from 35% currently to 20%—that has become the centerpiece of the initiative.
That sharp proposed cut has separately prompted business and political leaders in many countries to assess their own prospects for headline tax reductions to keep them competitive with the lower American rates. The five ministers—from France, Germany, Italy, Spain and the U.K.—made no reference to the headline tax rate, however, presenting their case as an issue of multilateral standards.”
-Andrea Thomas and Todd Buell, “U.S. Tax Plan Draws Attacks Abroad, Prompts Calls for Cuts in Response,” The Wall Street Journal online, Dec. 11, 2017 06:26pm