- Corporate Tax Reform – both sides of the aisle feel the U.S. needs corporate tax reform, but haven't been able to agree on how to implement it. The basic dispute is over the 35% statutory rate, even though a Goldman Sachs analysis indicates that fewer than 10% of S&P 500 companies pay that much. Closing loopholes, which is also on the table, could cost businesses up to 10-15% more in taxes.
- Internet Sales Tax – the Marketplace Fairness Act (aka the Amazon Tax), has been pending in Congress since 2013. It would give states the right to collect sales tax from online retailers located in other states, and may be bundled with an extension of the Internet Tax Freedom Act prohibiting state and local taxes on Internet access.
- R&D Tax Credit – there's bipartisan support for reinstating the R&D tax credit, which expired last year for the ninth time in 32 years. Its expiration appears to be affecting the bottom line of some large corporations, including Google. President Obama and some lawmakers are angling to reinstate the credit permanently.