(Download) "Corporate Tax Reform: Listening to Corporate America." by The Journal of Corporation Law * eBook PDF Kindle ePub Free
eBook details
- Title: Corporate Tax Reform: Listening to Corporate America.
- Author : The Journal of Corporation Law
- Release Date : January 01, 2010
- Genre: Business & Personal Finance,Books,
- Pages : * pages
- Size : 383 KB
Description
I. INTRODUCTION On a typical hot and humid Washington summer day in 2004, representatives from a handful of America's leading manufacturing companies trekked to the Longworth House Office Building on Capitol Hill. On the second floor, the tax staffs of the Ways and Means Committee of the United States House of Representatives were hard at work on a huge tax bill that many in the business community believed was on the brink of enactment. The representatives walked the famed halls of the Longworth building, forever known as Gucci Gulch, (1) for a scheduled meeting with the tax staffs with one goal in mind: to try and prevent Congress from enacting a corporate tax rate cut for American manufacturing companies. The representatives knew that almost all public corporations in the United States desired a corporate tax rate cut. In fact, it was probably the single most desired tax item of Corporate America. However, the representatives also knew that of critical importance to public corporations were their quarterly (and annual) income statements. A corporate tax rate cut would cause a small group of manufacturing companies, on behalf of which the representatives were lobbying, to take an immediate charge (or "hit") to earnings--thereby reporting lower quarterly net income and lower earnings per share (EPS). (2) So even though a rate cut would benefit these manufacturing companies in future years, a current charge to earnings was unacceptable to this small but influential group of manufacturing companies. (3)
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