Treasury Says System Flush With Previously Taxed Income (1)

The US system is flooded with previously taxed income, a problem that Treasury is aiming to resolve through upcoming regulations, a department official said Monday.

Paul Crispino, a Treasury attorney, also noted that companies are restructuring as a result of the OECD’s 15% global minimum tax, yet another reason the department would like to deliver on a much-awaited PTEP regulation package.

Crispino made the remarks while discussing the department’s current project on the issue—tranches of guidance that have been delayed for some time.

He said the government system is flush with previously taxed income due to tax measures included in ...