U.S. Fiscal 2016 Budget Sent to Congress

On 2 February 2015, U.S. President Barack Obama's Fiscal 2016 Budget was sent to Congress. Key corporate tax measures included:

• A one-time tax of 14% on un-taxed foreign earnings accumulated overseas (to be used to fund transportation infrastructure repairs and improvements)
• A minimum tax of 19% on foreign earnings going forward with no deferral option
• A reduction in the top marginal corporate tax rate from 35% to 28%
• A new surcharge on financial firms with more than USD 50 billion in asset…