Summary and key insights from the March 25th Senate Finance Committee Hearing: “How U.S. International Tax Policy Impacts American Workers, Jobs, and Investment.” Issues discussed include the Tax Cuts and Jobs Act of 2017 (TCJA), including its global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) provisions, bonus depreciation, and impact on corporate inversions; the corporate tax rate; tax revenues; competition; tax havens; book profits; exports; pass-through entities; an offshoring penalty surtax; the base erosion and anti-abuse tax (BEAT); domestic manufacturing of antibiotics; the hospitality industry; and tax policy guidance.
