Washington – The PACE Coalition today issued the following statement after the Biden Administration unveiled additional details on its proposal to increase the Global Intangible Low-Taxed Income (GILTI ) rate:
“The Administration’s proposal to increase the GILTI rate and make other onerous tax changes to how the minimum tax is calculated means fewer American jobs, less domestic investment and economic growth, and higher prices for consumers. The proposed change will significantly increase the tax burden on globally engaged American companies, making it harder to compete abroad with foreign competitors that are not subject to a similar level of taxation.
“This proposal puts the 71 million American jobs that depend on globally engaged American companies at risk at a time when policymakers should be working to accelerate economic growth in the wake of the pandemic. Simply put: The Biden Administration’s proposal to raise taxes on America’s job creators is the wrong approach, and we urge them to forgo these plans.”