Well look here, Biden proposes to double the #GILTI tax with no apparent exemption for small business. This is a declaration of war on the tax base of other countries (and of course #Americansabroad). https://t.co/uYjLB5ovFg pic.twitter.com/0Ewbc7ydHK
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 25, 2020
Proposal of @JoeBiden to raise #GILTI tax to 21% (1) reverses the move to territorial taxation for corporations and (2) follows the ideological assumptions of Senators Wyden and Brown that #Americansabroad are presumptive tax cheats (as explained here): https://t.co/G1yrUTtwBn
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) June 27, 2020
Taxation is what America is about and America is about taxation.
Perhaps it’s better to say that:
Politics is about taxation and taxation is about politics.
Once Upon A Time In America
The primary legislative achievement of President Trump’s first term was the 2017 TCJA. It’s important to note that the TCJA had it’s genesis in the work of Michigan Congressman Dave Camp and was the result of a long term project of reworking the US tax system. It is absolutely incorrect to suggest that the TCJA was developed by the Trump Administration. It should not be referred to as “Trump Tax Reform”. That said, because of the “politics” involved in enacting the TCJA, the Trump Administration and Republican Controlled Ways and Means Committee, did impact the legislation at the margins. (Rate of repatriation tax, etc.)
Like all tax legislation the TJCA had clear winners and clear losers.
The TCJA Winner(s)