The Obama administration's fiscal year 2010 budget contains several significant proposals for changing tax rules related to income from foreign sources. In a speech given in May 2009, President Obama linked these international tax proposals to the administration's goal of eliminating tax code provisions that "reward our companies for moving jobs off our shores or transferring profits to overseas tax havens."

This conference examined various policy aspects relating to the taxation of multinational corporations, including the rules for locating profits abroad for tax purposes and what Internal Revenue Service data show about profit location. Panelists discussed whether formulary apportionment would reduce the auditing costs and other economic distortions associated with the current arm's-length standard. Participants also examined the way other countries have responded to the ability of international firms to transfer their income to lower-tax countries.