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Cross-border Tax Talks

US Election Watch: Tax Implications

Aug 14, 2024
Doug McHoney, PwC’s International Tax Services Global Leader, teams up with Janice Mays, a veteran of tax policy with 40 years in government. Together, they dissect how the upcoming U.S. elections could reshape tax policy. They discuss key Senate and House races to watch, explore bipartisan challenges in tax reform, and examine the potential effects of election outcomes on corporate tax rates. The conversation also tackles the complexities of the GUILTY proposal and its implications for corporate adaptation amidst shifting political dynamics.
38:11

Podcast summary created with Snipd AI

Quick takeaways

  • The upcoming US election may alter tax policy directions significantly, affecting potential expirations of the 2017 Tax Cuts and Jobs Act provisions.
  • Electoral outcomes could shape the US stance on OECD’s Pillar 2 framework, impacting multinational corporations based on party control dynamics.

Deep dives

Impact of the Pillar 2 Engine on Tax Compliance

PwC's Pillar 2 engine represents a revolutionary step in international tax compliance, providing advanced modeling and calculation capabilities for tax provisions. This unique tool leverages over 20 years of expertise in international tax technology, streamlining the compliance process for businesses navigating complex tax regulations. By centralizing the management of tax rules, it enhances efficiency and accuracy, allowing users to reduce errors and save time. The availability of this engine as a service highlights PwC's commitment to harnessing technology to aid global corporations in meeting their tax obligations.

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