The Senate Finance Committee on March 25 held a hearing on how US international tax policy impacts American workers, jobs, and investment.
The hearing was held in advance of President Biden’s expected release in late spring of corporate, international, and individual tax proposals that are intended to offset part of the reportedly $3 trillion cost of his ‘Build Back Better’ plan. The Biden administration has announced that President Biden will send his discretionary spending proposals to Congress next week, with details on his other proposals to follow at a later date.
In his opening statement, Senate Finance Committee Chairman Ron Wyden (D-OR) remarked that “it’s time the Congress took a fresh approach” on international tax policy, and that he intends to “reverse” elements of the 2017 tax reform act. Chairman Wyden stated that “in coming days” he and Senators Sherrod Brown (D-OH) and Mark Warner (D-VA) will release an international tax framework with options for revisions to the global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), and base erosion and anti-abuse tax (BEAT) regimes.