Fixing the System: An Analysis of Alternative Proposals for the Reform of International Tax

Harry Grubert and Rosanne Altshuler

National Tax Journal, 2013, vol. 66, issue 3, 671-712

Abstract: We evaluate proposals for U.S. international tax reform including dividend exemption, full current inclusion, dividend exemption with an effective tax rate test and active business exception, dividend exemption with a per-country or overall minimum tax, and repeal of check-the-box. As alternatives to active business tests, we consider minimum taxes that allow expensing for real investment abroad. We evaluate reforms along many dimensions including the lockout effect, income shifting, the choice of location, and complexity. We find a per-country minimum tax with expensing has many advantages with respect to these margins. The simpler overall minimum tax is a serious alternative.

Date: 2013
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