The Inflation Reduction Act of 2022 introduced two new taxes on US corporations. The first is a minimum tax on the reported financial income of large US corporations. The second is an excise tax on repurchases of shares by US corporations, a tax that President Biden’s fiscal year 2024 budget proposes to increase. While the US Congress was considering options to raise more revenue from corporations, more than 140 countries in the OECD/G20 Base Erosion and Profit Shifting Project reached a landmark agreement on international tax reform.
Join the Urban-Brookings Tax Policy Center and the University of North Carolina Tax Center for an event to discuss these developments. Two expert panels will assess the effects of proposals to use corporate financial income as a tax base and to impose an additional tax on corporate share repurchases. The keynote speaker Itai Grinberg, former deputy assistant secretary for multilateral negotiations at the US Treasury Department, will discuss the new global tax agreement for multinational corporation taxation reform.
The “Raising Revenue from Corporations” webinar qualifies as a continuing professional education (CPE) webinar for accountants to earn 3.6 CPE credits. Please review the event materials. To be awarded full credit hours, you must be present and register your attendance by answering polling questions throughout the webinar. For additional information on earning CPE credits, please visit Raising Revenue From Corporations - CPE Information.
Opening remarks:
- Tracy Gordon, Director, Urban-Brookings Tax Policy Center
Panel 1: Taxing Returning Capital to Shareholders
- Alice Bonaime, Associate Professor of Finance, Eller College of Management, University of Arizona
- John Graham, D. Richard Meade Jr. Family Professor of Finance, Fuqua School of Business, Duke University
- Daniel Hemel, Professor of Law, New York University School of Law
- Steven Rosenthal, Senior Fellow, Urban-Brookings Tax Policy Center (moderator)
Panel 2: Book Income as a Tax Base
- Pat Brown, Partner and Coleader, Washington National Tax Services, PwC
- Michelle Hanlon, Howard W. Johnson Professor and Professor of Accounting, Sloan School of Management, Massachusetts Institute of Technology
- Danielle Rolfes, Partner, Washington National Tax Office, KPMG
- Jeff Hoopes, Associate Professor, Kenan-Flagler Business School, University of North Carolina; Research Director, University of North Carolina Tax Center (moderator)
Keynote
- Itai Grinberg, Professor of Law, Georgetown Law Center; Former Deputy Assistant Secretary for Multilateral Negotiations, US Treasury Department
Cohosted by the Urban-Brookings Tax Policy Center and the University of North Carolina Tax Center, an affiliated center of the Frank Hawkins Kenan Institute of Private Enterprise, part of the University of North Carolina’s Kenan-Flagler Business School.
