PACE Coalition Calls Failure ‘Further Evidence’ that Congress Should Not Make Major Changes to International Tax Code
Washington – In case you missed it, earlier this week finance ministers of European Union member states failed to agree on the timing for implementation of its global minimum tax proposal.
“PACE opposes harmful changes to America’s GILTI provision that would make the United States less competitive and disadvantage American businesses and workers. The European Union’s failure to agree on the timing to implement the OECD’s global minimum tax is further evidence that Congress should not make major changes to our international corporate tax code unless and until our foreign competitors do. That means foregoing consideration of the GILTI changes in the House-passed Build Back Better Act. Doing so before the rest of the world acts would not level the playing field; instead, U.S. businesses and the millions of Americans they employ would be at a serious competitive disadvantage at a time when both are facing historically high inflation, among other challenges.”