Obama's Budget Drops Check-the-Box Repeal, Adds International Provisions

Worldwide Tax Daily
February 2, 2010

Douglas S. Stransky was quoted in an article entitled "Obama's Budget Drops Check-the-Box Repeal, Adds International Provisions," published in Worldwide Tax Daily on February 2, 2010. This article discusses President Obama's Budget for FY2011 and, in particular, the international tax proposals. In the article, Mr. Stransky notes his concerns about the proposals: "I am certainly pleased to see the president tone down his hyperbole and eliminate, for now, any change to the check-the-box regime. . . . But some of these proposals will still have an adverse impact on many multinationals that under the current economic climate will not have the intended effect of creating more U.S. jobs."

"I think part of the issue with including the proposal today is that the business community was up in arms about it when it was proposed last year and the Congressional Budget Office and Joint Committee on Taxation both questioned its revenue-raising potential. . . . As such, it could appear in another form later if these two issues are addressed."