A principal in Ernst & Young, LLP, working in Washington, D.C., and a co-leader of EY’s Americas Tax Center and its National Tax Department, Michael Mundaca draws on past experience with the U.S. Treasury Department as assistant secretary for tax policy. Michael Mundaca’s work as co-leader involves coordination with professionals across the Americas in facilitating tax services.
As featured in a recent EY Americas Tax Center Global Tax Alert, one topic of current focus is a tax reform plan presented by the Trump Administration that proposes a tax rate of 15 percent for businesses. As part of the plan roll-out, Treasury Secretary Steven Mnuchin announced that the administration would negotiate with Congress on the rate for a one-time tax that would be assessed on US corporations’ unrepatriatied foreign earnings, as a transition to a territorial tax system for foreign business earnings.
Other proposed changes include a repeal of individual tax deductions other than those associated with charitable contributions and mortgage interest. The estate tax and alternative minimum tax would be repealed, as would be the net investment income tax, which went into law as part of the Affordable Care Act.