Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

September 16, 2022

Report on recent US international tax developments 16 September 2022

The United States (US) House and Senate this week were in session at the same time for a regular week of business for the first time since July. For both chambers of Congress, the focus is on a continuing resolution (CR), to extend government funding beyond 30 September and into December. After the midterm elections, and before the December expiration of the CR currently being negotiated, Congress is expected to try to assemble a year-end bill that could address tax and possibly retirement issues, in addition to government funding that could extend through the remainder of the fiscal year.

The tax press is reporting that House Republicans will release their “Commitment to America” November election platform on 23 September, laying out what a Republican majority House would attempt to legislate if they take control of the chamber. The tax aspect of the plan reportedly will include the 2017 tax rate cuts for individuals, a 20% tax rate on passthrough income, and bonus depreciation. Extending Tax Cuts and Jobs Act expiring provisions beyond their 31 December 2025 expiration will be at the core of the Republican platform, according to a Republican House Ways and Means Committee member. Proposals to rollback provisions in the recently enacted Inflation Reduction Act also reportedly are under consideration.

The Republican proposals will stem from seven task forces that were created in 2017 by House Minority Leader Kevin McCarthy.

The Organisation for Economic Co-operation and Development (OECD) on 12 September hosted a public consultation meeting on the Progress Report on Amount A of Pillar One, which had been released by the OECD Secretariat on 11 July 2022 in connection with the ongoing OECD/G20 BEPS2.0 project. The Progress Report describes the proposed design for Amount A, reflecting the mechanics for the new nexus and profit allocation rules being developed under Pillar One with the aim of providing market jurisdictions with a greater share of the taxing rights over global business income. Three panels discussed key elements of the proposed design for Amount A, including the marketing and distribution profits safe harbor, the approach for eliminating double taxation with respect to Amount A and other aspects of the rules.


For additional information with respect to this Alert, please contact the following:

Ernst & Young LLP (United States), International Tax and Transaction Services, Washington, DC



  1. Base Erosion and Profit Shifting.

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more