McDermott Will & Schulte, a global law firm

The Obama Administration’s 2016 Budget proposes a radical change to the taxation of foreign business operations of U.S. based corporations. The proposal would impose a 19-percent minimum tax on earnings derived outside the United States. Th is new regime would apply in addition to most of the other international tax rules. Th e Administration also proposes to reduce the general corporate tax rate from 35% to 28%.