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Downloaded Electronically, Or Where There Are No Customs Operations at Borders International Tax Policy Forum and Georgetown Law’s Institute of International Economic Law Tax Competition February 3, 2017 Georgetown University Law Center 120 F Street NW Washington, D.C. 20001 ITPF & IIEL Conference Tax Competition February 3, 2017 Table of Contents Page I. PROGRAM AGENDA ..................................................................................................................... 1 II. ABOUT THE INTERNATIONAL TAX POLICY FORUM ................................................................. 5 III. ABOUT THE INSTITUTE OF INTERNATIONAL ECONOMIC LAW .............................................. 6 IV. PAPERS A. R. Davies, I. Siedschlas, Z. Studnicka “The Impact of Taxes on the Extensive and Intensive Margins of FDI” July 2016 .......................................................................................................... 8 B. R. Davies, R. Desbordes, A. Ray “Greenfield versus Merger & Acquisition FDI: Same Wine, Difference Bottles?” September 2015 ............................................................................ 52 C. A. Auerbach, M. Devereux, M. Keen, J. Vella “Destination-Based Cash Flow Taxation” January 2017 ........................................................................................................................... 94 D. R. Avi-Yonah, K. Clausing “Problems with Destination-Based Corporate Taxes and the Ryan Blueprint” January 2017 .......................................................................................... 192 E. K. Clausing “The Effect of Profit Shifting on the Corporate Tax Base in the United States and Beyond” June 2016 ......................................................................................................... 214 V. PRESENTATIONS A. L. Faulhaber “Tax Competition: BEPS, the EU and Individual Country Responses” ............. 254 B. M. Smart “BEPS and International Tax Competition” ............................................................. 262 C. R. Davies “The Welfare Implications of Tax Competition” ...................................................... 272 D. A. Auerbach “Tax Competition and the DBCFT” ................................................................... 290 VI. BIOGRAPHIES A. Rosanne Altshuler .................................................................................................................. 309 B. Alan J. Auerbach .................................................................................................................... 310 C. Kimberly Clausing .................................................................................................................. 311 D. Ronald Davies ....................................................................................................................... 312 E. Mihir A. Desai ......................................................................................................................... 313 F. Lilian V. Faulhaber ................................................................................................................. 314 G. Michael J. Graetz ................................................................................................................... 315 H. Itai Grinberg ........................................................................................................................... 316 I. Michelle Hanlon ..................................................................................................................... 317 J. Kevin A. Hassett ..................................................................................................................... 318 K. James R. Hines ...................................................................................................................... 319 L. Michael Keen ......................................................................................................................... 320 72 M. John M. Samuels ................................................................................................................... 321 N. Michael Smart ........................................................................................................................ 322 O. William M. Treanor ................................................................................................................ 323 P. David Wessel ......................................................................................................................... 324 i 1 Tax Competition Featuring Keynote Remarks by Kevin Brady, Chairman of the House Ways and Means Committee Friday, February 3rd, 2017 8:30 a.m. – 1:30 p.m. Georgetown Law Gewirz Student Center, 600 New Jersey Avenue, NW, Washington, DC 20001 Join Georgetown Law’s Institute of International Economic Law (IIEL) and the International Tax Policy Forum (ITPF) on February 3rd for a high-profile conference examining international tax competition as the United States stands on the brink of business tax reform. Unlike the United States―which currently has the highest statutory corporate tax rate in the developed world―other countries have been lowering corporate tax rates and increasing reliance on consumption taxes. Recently, various multilateral and unilateral efforts to limit income tax competition have reshaped the international tax landscape. In response to these developments, the United States is now considering major tax reforms to restore American competitiveness, such as the destination-based cash flow tax proposed in the House Republican Blueprint. This conference brings together experts from a variety of backgrounds to share their views on international tax competition and U.S. tax policy. A series of panels will consider the global trend towards consumption taxation, how recent efforts to curtail income tax avoidance interact with tax competition, and the economic effects of international tax competition. The closing panel will consider how the United States should respond. Kevin Brady, the Chairman of the House Ways and Means Committee, will deliver the keynote address. Program 8:30 a.m. Registration 8:50 a.m. Introductory Remarks John Samuels William Treanor Chair Executive Vice President and Dean of the Law Center International Tax Policy Forum Georgetown University 2 9:00 a.m. BEPS and Tax Competition Moderator: James R. Hines L. Hart Wright Collegiate Professor of Law and Co-Director, Law and Economics Program University of Michigan Presenters: Lilian V. Faulhaber Associate Professor of Law Georgetown University Michael Smart Professor of Economics University of Toronto 9:45 a.m. Economic Effects of International Tax Competition Moderator: Mihir A. Desai Mizuho Financial Group Professor of Finance Harvard Business School Presenter: Ronald Davies Professor of Economics University College Dublin Discussant: Rosanne Altshuler Professor of Economics Rutgers University 2 3 10:30 a.m. Tax Competition and Consumption Taxation Moderator: Michelle Hanlon Howard W. Johnson Professor and Professor of Accounting MIT Sloan School of Management Presenters: Alan J. Auerbach Robert D. Burch Professor of Economics and Law and Director, Burch Center for Tax Policy and Public Finance University of California, Berkeley Itai Grinberg Professor of Law Georgetown University 11:15 a.m. Break 11:30 a.m. How Should the United States and Others Respond to International Tax Competition? Moderator: David Wessel Director, Hutchins Center at Brookings and Contributing Correspondent, The Wall Street Journal Presenters: Kimberly Clausing Thormund A. Miller and Walter Mintz Professor of Economics Reed College Michael J. Graetz Columbia Alumni Professor of Tax Law, Columbia University and Justus S. Hotchkiss Professor of Law Emeritus, Yale Law School Kevin A. Hassett State Farm James Q. Wilson Chair in American Politics and Culture and Director of Research for Domestic Policy American Enterprise Institute 3 4 Michael Keen Deputy Director, Fiscal Affairs Department and Prior Head, Tax Policy and Tax Coordination Divisions International Monetary Fund 12:45 p.m. Break 1:00 p.m. Keynote Address Kevin Brady, Chairman of the House Ways and Means Committee 1:30 p.m. Luncheon All interested members of the public are welcome; there is no cost to attend. Please register here and contact Christine Washington, IIEL’s Director of Programs & External Affairs, at 202.662.4193, or [email protected], with any questions. 4 5 International Tax Policy Forum Web site: www.itpf.org About the International Tax Policy Forum Member Companies Abbott Laboratories Founded in 1992, the International Tax Policy Forum is an AbbVie Inc. American Express Company independent group of more than 45 major U.S. multinationals with a Apple Inc. diverse industry representation. The Forum’s mission is to promote Bank of America Bank of New York/Mellon research and education on the taxation of multinational companies. Boston Scientific Corporation Although the Forum is not a lobbying organization, it has testified Cargill Inc. before the Congressional tax-writing committees on the effects of Caterpillar Inc. Chevron Corporation various tax proposals on U.S. competitiveness. The ITPF also sponsors Cisco Systems, Inc. annual public conferences on major international tax policy issues. Citigroup The January 2015 conference on Corporate Inversions and Tax Policy The Coca-Cola Company Dow Chemical Company was co-sponsored with the Brookings Institution. DuPont On the research front, the Forum has commissioned over 20 papers on Exxon Mobil Corporation international tax policy topics such
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