Koch-backed group: Congress shouldn't propose new foreign tax


Koch-backed group: Congress shouldn't propose new foreign tax
  1. Koch-backed group: Congress shouldn't propose new foreign tax
    thehill.com
    An advocacy group backed by wealthy GOP donors Charles and David Koch is pushing back against the idea of a minimum tax on U.S. companies’ foreign earnings.Lawmakers are looking at a foreign minimum tax as they work on rewriting the tax code a…
    Finance

An advocacy group backed by wealthy GOP donors Charles and David Koch is pushing back against the idea of a minimum tax on U.S. companies’ foreign earnings.

Lawmakers are looking at a foreign minimum tax as they work on rewriting the tax code and discuss how to prevent U.S. companies from shifting profits overseas. But Americans for Prosperity (AFP) views the idea as counterproductive.

“Policymakers in Washington should be focused on making the American economy more competitive, rather than looking for new revenue streams from American businesses and their customers,” AFP chief government affairs officer Brent Gardner said in a statement Monday. “Just like every other misguided tax hike, extracting more revenue from American companies comes out of the pockets of customers and consumers.”

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Under current law, U.S. companies’ foreign earnings are subject to the 35 percent corporate tax, but only when the profits are repatriated back to the U.S. Businesses also can receive credits for foreign taxes paid.

The White House and congressional Republicans are interested in lowering the corporate tax rate and moving toward a “territorial” tax system that only taxes U.S. companies on their domestic earnings. But they also want to prevent businesses from shifting profits to other countries in order to avoid taxes.

In the past, former President Barack ObamaBarack ObamaPoll finds declining faith in Trump on economy Koch-backed group: Congress shouldn't propose new foreign tax Scarborough: Trump is destroying the Republican Party MORE and former House Ways and Means Committee Chairman Dave Camp (R-Mich.) proposed foreign minimum taxes as a way to prevent an erosion of the U.S. tax base.

Under the proposals, there would be a minimum tax on companies’ foreign earnings that is paid regardless of whether the profits are repatriated. The rate of the minimum tax would be lower than the corporate tax on domestic earnings, and companies would not have to pay any U.S. taxes on foreign earnings if the effective foreign tax rate on those earnings exceeded the minimum tax rate.

House Republicans did not include a foreign minimum tax in the blueprint they released last year, instead offering as an anti-base erosion measure their border-adjustment proposal to tax imports and exempt exports.

But since the border-adjustment tax has faced deep resistance from senators and some businesses, lawmakers are now looking at ot…

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