On November 15, 2016, Bloomberg BNA and KPMG LLP provided a briefing at the National Press Club to explore the future of the tax landscape in the wake of the U.S. election just days after the votes are counted and a winner is declared.
Attendees heard policy leaders such as Congressman Kevin Brady, Chairman of the House Committee on Ways and Means, senior Capitol Hill tax staffers, and tax advisers discuss not only the salient issues from the winners’ viewpoint, but a look forward into what must be a bi-partisan solution to the ongoing debate on corporate tax reform.
Will this consequential election settle the debate and chart a tenable path forward that balances U.S. corporate competitiveness on the world stage with both U.S. and international governments’ conflicted views on what taxpayers should pay?
Attendees of this important briefing were among the first to have a clear line of sight into the prospects for a tax overhaul in 2017.
Missed the live event? View it here in 3 parts:
November 15, 2016
10:45 AM to 3:30 PM
The National Press Club
529 14th St NW
Washington, DC 20045
10:45 AM – 11:20 AM Registration and Lunch
11:20 AM –11:30 AM Welcome Remarks
Joint welcome with KPMG LLP and Bloomberg BNA
11:30 AM – 12:00 PM Bloomberg BNA Reporters Roundtable
Setting the stage. A lightning round session led by Bloomberg on the broad implications of the election, the salient issues for business and up-to-the-minute developments. Where are we now, how did we get here and how does the election impact tax reform’s path forward?
John Voskuhl, Team Leader - Tax Policy, Bloomberg News
12:00 PM – 12:30 PM Keynote Address: A Perspective from Capitol Hill
Kevin Brady (R-TX), Chairman, House Committee on Ways and Means
Introduced by: Meg Shreve, Deputy News Director, Tax & Accounting, Bloomberg BNA
12:30 PM – 1:25 PM The New International Tax Landscape: Should US Multinationals Be Worried?
How will the U.S. Congress, Treasury, and IRS react to new international tax rules adopted by countries as they seek to implement groundbreaking guidance under BEPS? Of particular concern to U.S. multinationals are the implications of country-by-country reporting rules (CbCR) by U.S. trading partners. Will this new transparency ushered in under BEPS prove onerous to multinationals? Furthermore, the European Commission’s reach into international tax policy is having an impact on U.S. multinationals as the billion dollar EU State Aid cases show; is Apple just the beginning? Hear how the U.S. will react to these developments in 2017 and beyond.
Manal S. Corwin, Principal and National Leader, International Tax, KPMG LLP
1:25 PM – 2:20 PM The New Treasury Agenda: What Direction Now?
Treasury has aggressively asserted its authority in recent years. With a new Administration taking the reins in January, can we expect the new Treasury to stay the course or do a U-turn on a number of hallmark accomplishments of the current Treasury, including the debt-equity regulations, inversion guidance, foreign tax credit rules among others?
Ronald A. Dabrowski, Principal and Technical Deputy To The Principal In Charge Of Washington National Tax, KPMG LLP
2:20 PM – 3:15 PM After the Election: The Hill Reacts
The direction of tax policy will be highly influenced by this year’s election outcomes. The key players; Brady, Hatch, Wyden, Levin, Ryan, and Schumer all have differing views on how tax reform should proceed in 2017; corporate integration, border adjustable rates, ending deferral, repatriation, earnings stripping are all in play depending on how November 8thplays out. Hear from the top Congressional tax writers as they react to the election results and the Congressional agenda ahead.
Moderator: John P. Gimigliano, Principal in Charge, Federal Legislative and Regulatory Services, Washington National Tax, KPMG LLP
3:15 PM – 3:25 PM What We’ve Heard, What We’ve Learned
A wrap up the key takeaways from today’s conference.
Aaron Lorenzo, Senior Congressional Reporter, Bloomberg BNA, Daily Tax Report
Barbara M. Angus currently serves as the Chief Tax Counsel for the House Committee on Ways and Means. Before being appointed by Chairman Brady in February 2016, Ms. Angus was a Principal with Ernst & Young where she was the leader of EY’s strategic international tax policy services practice. In previous public sector roles, she served as International Tax Counsel for the Treasury Department and Business Tax Counsel for the Congressional Joint Committee on Taxation. She received her bachelor’s degree from Dartmouth College, her JD from Harvard Law School, and her MBA from the University of Chicago.
U.S. Congressman Kevin Brady represents the 8th Congressional District of Texas and serves as Chairman of the influential House Ways and Means Committee, which has jurisdiction over taxes, health care, Social Security, Medicare, international trade, and welfare.
As Chairman, Brady is a strong, vocal leader focused on advancing fiscally responsible solutions to build a healthier American economy for the long term.
Under Brady’s leadership, the Ways and Means Committee in 2016 led several important parts of Speaker Paul Ryan’s “Better Way” agenda. Brady led the Committee’s effort to deliver a detailed Blueprint for comprehensive, pro-growth tax reform – the first consensus tax reform proposal put forward by House Republicans in 30 years. He and the Committee also helped craft policy proposals to fight poverty and repeal and replace the Affordable Care Act.
Prior to his election to Congress, Brady worked as a chamber of commerce executive for 18 years and served six years in the Texas House of Representatives.
He is a lifelong conservative, a dedicated public servant, and a steadfast advocate for economic freedom and constitutionally limited government.
Patrick Brown is GE’s Vice President, Tax for GE Power, Energy Connections, and Renewables and is GE’s director for Tax Policy.
Prior to joining GE Power, Pat was a senior international tax counsel for GE corporate and GE Capital, and was a principal technical advisor to the tax director of GE on tax policy matters.
Pat joined GE in 2002 from the US Treasury Department, where he served as attorney-advisor and associate international tax counsel from 1998-2002. During his time at Treasury, Pat focused primarily on international tax analysis, negotiation of tax treaties, and representing the US government at meetings of the OECD on various tax issues.
Prior to joining the Treasury Department, Pat was an associate at Sullivan & Cromwell in New York. Pat received a B.S. in Mechanical Engineering, with highest distinction, from the University of Virginia and a J.D. from Georgetown University, magna cum laude, in 1995.
Lynnley Browning is a staff tax reporter at Bloomberg, with bylines over the past two decades at other leading print and digital publications including Newsweek, The New York Times, Quartz, Fortune, The Boston Globe, and Reuters, in New York and Moscow. She produces timely scoops and original, incisive takes on events, trends and personalities that engage general readers and specialists alike. She loves writing that combines gumshoe reporting, reported analysis, creative thought, wonky data, subject matter knowledge, in-depth sourcing, and clear, concise prose.
Over a reporting career spanning 22 years, six in Russia, Lynnley has delved into corporate tax shelters, Gazprom, Swiss private banking, Warren Buffett’s Berkshire Hathaway, conflict minerals, financial sanctions, Russian oil, investing strategies at hedge funds and private equity firms, venture capital, Ruth Madoff and more.
Manal Corwin is KPMG LLP's national service line leader for International Tax as well as principal in charge—International Tax Policy for KPMG's Washington National Tax practice. Before rejoining KPMG in 2013, Manal served as Deputy Assistant Secretary of Tax Policy for International Affairs in the U.S. Treasury Department.
Manal advises multinational corporations on U.S. international tax aspects of their structures, operations and transactions. She specializes in consulting and advising on issues relating to international tax policy, expense allocation, source of income rules, foreign tax credits, subpart F, U.S. taxation of international transportation income, and certain special tax benefit provisions.
During her tenure at the U.S. Treasury Department, Manal helped shape the Administration’s views and policies in all areas of international taxation and worked closely with the IRS, members of Congress, and key tax regulators globally. In this regard, Manal worked on the international tax provisions of several of the Administration’s budget proposals as well as the development of the Administration’s framework for tax reform. Manal also served as the U.S. delegate and Vice Chair to the OECD’s committee on fiscal affairs and was actively engaged in the origination and development of the OECD BEPS initiative. She served as the U.S. delegate to the Global Forum on Tax and Transparency as well. Significantly, Manal was also responsible for leading the development and implementation of the intergovernmental approach to the Foreign Account Tax Compliance Act (FATCA), which has been endorsed as the foundation for a global standard for automatic exchange of information. In addition, Manal was head of the delegations responsible for negotiating income tax treaties with Japan, Spain, Chile, and the United Kingdom.
Prior to joining the Treasury Department (first as International Tax Counsel in the Office of Tax Policy and then as Deputy Assistant Secretary for International Tax Affairs), Manal was a principal in KPMG’s Washington National Tax practice 2001 to 2009, where she advised multinational corporations on U.S. international tax aspects of their operations and transactions and represented clients in tax controversies before the IRS.
Earlier in her career, Manal served as the Deputy and then Acting International Tax Counsel in the Office of Tax Policy at the U.S. Treasury Department. Prior to that, Manal practiced as an attorney specializing in international taxation at the law firm of Covington & Burling in Washington, D.C. Manal also served as a judicial clerk for then Chief Judge Levin Campbell on the U.S. Court of Appeals for the First Circuit.
Manal is a member of the Massachusetts and the District of Columbia bar associations. She is a graduate of the Boston University School of Law, where she was editor-in-chief of the Law Review and recognized as a distinguished scholar. She earned her undergraduate degree from Harvard University.
Ron Dabrowski has more than 20 years of experience in international and business taxation with a focus on international tax planning, mergers and acquisitions, and tax policy. He has extensive experience in large-scale, cross-border mergers and acquisitions, including extensive work in business separations and acquisition integration. In addition to his Washington National Tax role, Ron leads the firm’s efforts around the section 385 regulations with respect to technical issues, technology development, and engagement quality.
Ron was a partner at KPMG from 2004 through 2010 and returned to KPMG in September 2014. He returned to KPMG after serving in a variety executive positions in the federal government. Most recently, he was a Special Counsel in Treasury's Office of Tax Policy. He supported the Deputy Assistant Secretary (International Tax Policy) and the International Tax Counsel on a variety of tax initiatives, including work on published guidance and the OECD's BEPS project.
Prior to joining Treasury, Ron was a Tax Counsel on the Majority Staff of the Senate Finance Committee. He provided technical and strategic advice to the Finance Committee on business tax matters and had primary responsibility for the development of the November 2013 International Tax Reform discussion draft.
Prior to his work on the Senate Finance Committee, he was the Deputy Associate Chief Counsel (International – Technical) from October 2010 through March of 2013. In that role, he was the executive in charge of the Chief Counsel’s international published guidance program.
Ron is a co-author, with Kevin Dolan et al, of U.S. Taxation of International Mergers, Acquisitions, and Joint Ventures (Warren, Gorham & Lamont). He is a frequent speaker and writer on a variety of international tax and tax policy topics.
Ron is an adjunct professor at the Georgetown University Law Center. He is a member and past-chair of the District of Columbia Bar’s International Tax Section and was a past-chair of AICPA's International Tax Technical Resource Panel. He is a member of the Washington D.C. chapter of the International Fiscal Association. Ron has a BA degree, summa cum laude, from Boston College, and an MA degree in economics and a JD degree with honors from Duke University.
George Farrah, CPA, is the Editorial Director of Bloomberg BNA Tax & Accounting, publisher of essential, timely, and insightful tax and accounting information. In his role as editorial director, Farrah oversees over 100 editors and is responsible for the technical content of tax and accounting analytical content published by Bloomberg BNA. Farrah was named one of the top 100 most influential people in accounting by Accounting Today every year since 2011. Before joining Bloomberg BNA, Farrah practiced in both the public and private sector. Farrah received a B.S. degree in accounting from the University of Connecticut and a M.S. in Taxation from Georgetown University.
Victor Fleischer serves as the Democratic Chief Tax Counsel for the Senate Finance Committee. Before joining Senate Finance in October 2016, Victor was a Professor of Law at the University of San Diego, and he has taught as a visiting or tenure-track member of the faculty at UCLA, Georgetown, NYU, the University of Colorado, and the University of Illinois. He also wrote the “Standard Deduction” column for the New York Times.
John Gimigliano is responsible for the Federal Legislative and Regulatory Services (FLRS) group in the Washington National Tax practice of KPMG LLP (KPMG). The FLRS group gives clients immediate notification about breaking developments in tax legislation or federal tax regulations; coordinates the early identification of specific client issues concerning legislation, regulations, rulings, and other administrative pronouncements; helps clients prioritize responses to proposed legislation and regulations; provides insight and advice to clients in anticipation of possible legislative or regulatory changes and the impact of such changes on client tax planning; assists clients in the legislative and regulatory process; and conducts “roundtable” briefings and discussions.
During his more than 20 years of experience, John has represented clients in tax matters before Congress, the IRS, the Department of Treasury, and other federal agencies.
John joined KPMG in 2008. Prior to joining KPMG, he was Senior Tax Counsel for the Committee on Ways and Means and Staff Director for the Subcommittee on Select Revenue Measures in the U.S. House of Representatives. His principal responsibilities with the committee focused on issues involving corporate taxation, including cost recovery, accounting methods, tax credits, corporate reorganizations, energy, the corporate alternative minimum tax, net operating losses, and several other areas. During his tenure on the committee, John was involved in the drafting, negotiation, and enactment of several pieces of tax legislation, including the Energy Policy Act of 2005, the Tax Increase Prevention and Reconciliation Act, the Katrina Emergency Tax Relief Act of 2005, the Tax Relief and Health Care Act of 2006, the Small Business and Work Opportunity Act of 2007, the Economic Stimulus Act of 2008, and several others.
John is an adjunct professor at the Georgetown University Law Center, where he teaches the Taxation of Energy Markets course in the LLM degree program. He is a frequent speaker at tax and industry conferences and has been a guest on the Diane Rehm Show and quoted in The Wall Street Journal on the topics of taxation and tax policy. John has published numerous articles. He also has provided commentary in CCH’s Law, Explanation and Analysis on the American Recovery and Reinvestment Act of 2009, and has authored chapters in the treatises Income Taxation of Natural Resources and Los Tributos del Sector Electrico (Taxes of the Electricity Sector).
John has an LLM degree in taxation from Georgetown University Law Center, a JD degree from University of Cincinnati College of Law, and a BA degree from Miami University. He is a board member of both the New York University Institute on Federal Taxation and The Tax Council.
Greg Jenner is head of the firm’s Washington, D.C. office, a partner in the tax practice group and a past co-chair of the firm’s energy team. Before returning to Stoel Rives in 2008, Greg served as both Acting Assistant Secretary of the U.S. Treasury for Tax Policy (2004) and Deputy Assistant Secretary for Tax Policy (2002 2004). In addition to his service at Treasury, Greg began his tenure in Washington as Tax Counsel for the U.S. Senate Committee on Finance (1985 1989), where he was proud to help write the Tax Reform Act of 1986, among other pieces of tax legislation.
Aaron Lorenzo is a senior congressional reporter for Bloomberg BNA’s Daily Tax Report, a position that involves daily coverage of the House Ways and Means and Senate Finance committees. He spends much of his time canvassing the Capitol and its neighboring congressional office buildings to speak with members of both tax writing committees.
Previously Aaron wrote for Bloomberg BNA’s Daily Report for Executives, covering economic indicators, economic and fiscal policy from the Treasury Department, monetary policy from the Federal Reserve and related congressional developments.
Karen McAfee joined the Ways and Means Committee Democratic staff as Tax Counsel in 2007 and became the Staff Director of the Ways and Means Subcommittee on Oversight the same year. In 2013, Karen was named Chief Tax Counsel. Prior to joining the committee staff, she spent more than 10 years in private practice at two law firms in Washington. She received her B.S. from the University of Maryland and J.D. from the University of Virginia School of Law.
Joe Mikrut joined Capitol Tax Partners, the largest independent lobbying and consulting firm specializing in tax policy in Washington, D.C., as a partner in September 2001, soon after the firm’s formation. From 1998 to 2001, Mr. Mikrut served as the Tax Legislative Counsel for the U.S. Treasury Department, where he had direct responsibility for policy decisions relating to all domestic Federal tax matters, including the President’s budget proposals, other legislation, regulatory guidance, and Treasury reports. Before serving as Treasury’s Tax Legislative Counsel, Mr. Mikrut served for ten years on the staff of the Joint Committee on Taxation, first as Legislation Counsel and later as the Associate Deputy Chief of Staff. Previously, Mr. Mikrut was a Tax Manager for Arthur Andersen & Co. in Chicago where he focused on corporate and utility tax matters. Mr. Mikrut holds a J.D. from DePaul University College of Law, and a B.S. in Accountancy from the University of Illinois. He is a certified public accountant and serves as an adjunct tax professor at Georgetown University Law Center.
Alex Parker covers international corporate taxation and transfer pricing for Bloomberg BNA. Prior to joining BNA in 2012, he wrote for U.S. News & World Report, Government Executive, and The Toledo Blade. A native Hoosier, Alex earned his B.A. at Oberlin College.
Since November 1993, Mr. Prater has served as Chief Tax Counsel on the Republican staff of the Senate Finance Committee and since January 2007, has also served as Deputy Staff Director of the Republican staff. In September of 2011, Mr. Prater was selected as Staff Director for the Joint Select Committee on Deficit Reduction, (“JSCDR”) i.e. the Super Committee. Prior to his work on Capitol Hill, Mr. Prater practiced with Touche Ross from 1984 to 1986 and a Portland law firm, Dunn, Carney et al. from 1987 to 1990. Mark Prater graduated from Portland State University with a B.S. in accounting. He also obtained a J.D. from Willamette University and an LL.M. in Taxation from the University of Florida.
H. David Rosenbloom is the James S. Eustice Visiting Professor of Taxation and the Director of the International Tax Program at New York University School of Law. He is also a member of Caplin & Drysdale, Chartered, a law firm he rejoined in 1981 after serving as International Tax Counsel and Director of the Office of International Tax Affairs in the U.S. Treasury Department from 1978 to 1981. Born in 1941, Mr. Rosenbloom graduated from Princeton University summa cum laude in 1962 and, after a year as a Fulbright Scholar at the University of Florence in Italy, attended Harvard Law School. He graduated magna cum laude in 1966 and was President of Volume 79 of the Harvard Law Review. Mr. Rosenbloom served as assistant to Ambassador Arthur Goldberg at the U.S. Mission to the United Nations and then as clerk to U.S. Supreme Court Justice Abe Fortas. A frequent speaker and author on tax subjects, Mr. Rosenbloom has taught international taxation and related subjects at Stanford, Columbia, the University of Pennsylvania, Harvard, and New York University Law Schools, and at educational institutions in Taipei, Mexico City, Milan, Bergamo, Bologna, Sydney, Mainz, Heidelberg, Rio de Janeiro, Pretoria, Melbourne, Vienna, Lisbon, Leiden, and Neuchâtel. He has also served as Tax Policy Advisor for the U.S. Treasury, the OECD, AID, and the World Bank in Eastern Europe, the Former Soviet Union, Senegal, Malawi, and South Africa. In recent years he has served as an expert witness on international tax matters in the United States, New Zealand, Canada, Australia, the Netherlands, and Norway.
Meg joined Bloomberg BNA in September 2016, bringing with her 10 years of federal tax experience. She manages a team of federal reporters covering Congress, the IRS, and the courts for Daily Tax Report. Before coming to Bloomberg BNA, she spent two years as a news editor and eight years as a congressional tax reporter covering health care, the fiscal cliff, and former Ways and Means Committee Chair Dave Camp’s tax overhaul proposal.
John Voskuhl is the team leader for tax policy coverage at Bloomberg News. A graduate of the University of Kentucky, he has worked extensively in investigative reporting and editing at Bloomberg News, the Miami Herald, the Lexington Herald-Leader and the Louisville Courier-Journal.
Louise Weingrod is Vice President, Global Taxation at Johnson & Johnson. Louise joined Johnson & Johnson in 1999 as a tax M&A and licensing lawyer. Prior to Johnson & Johnson, Louise was a member of the Tax Group at Cleary, Gottlieb, Steen & Hamilton, a New York City law firm. Prior to Cleary, Louise was a Tax Associate at Lowenstein, Sandler, Kohl, Fisher & Boylan, a New Jersey law firm.
Louise holds a J.D.from Columbia University Law School, an M.A. and a Ph.D. in English and American Literature from Brandeis University, and a B.A. from Muhlenberg College. Prior to attending law school, Louise taught English and American Literature and Women’s Studies.
Lisa M. Zarlenga serves as co-chair of the firm’s Tax Group having returned to the firm after serving nearly four years as Tax Legislative Counsel at the US Treasury Department’s Office of Tax Policy. She is also a member of the firm’s Government Affairs & Public Policy Group. Ms. Zarlenga advises clients on federal income taxation issues, with a focus on corporate transactional and planning, tax policy with respect to proposed tax legislation or Treasury regulations, and tax controversy matters.
At Treasury, Ms. Zarlenga advised Treasury’s Assistant Secretary for Tax Policy on a broad range of domestic tax policy issues, including corporate, partnership, healthcare, tax-exempt organizations, energy, income tax accounting, estate and gift, and procedure and administration. She oversaw preparation of regulations and other administrative guidance implementing the Internal Revenue Code in these areas. She also oversaw the office's legislative effort and preparation of the president's revenue proposals for the annual budget.
The National Press Club
529 14th St NW
Washington, DC 20045
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