Overview
Bloomberg Tax quoted George Callas in a February 4 article titled "Multinationals Wary of Democrats' Planned Offshore Tax Hike." The article discusses how a proposed overhaul of the 2017 tax law's international regime has multinational companies nervous that they could see a tax hike on top of the pandemic-induced economic downturn.
Callas, who helped craft the international section of the 2017 tax law as a former senior tax counsel to then-House Speaker Paul Ryan, says he expected congressional Democrats to propose global intangible low-taxed income (GILTI) changes in the next major legislative package after another round of economic relief. "I think that they're going to look at this stuff as among their top-tier prospects for getting some revenue-raisers," Callas says. "It's high on the list of stuff they can message in a populist way."
The full article can be read at Bloomberg Tax.