The New York Times and The Wall Street Journal quoted George Callas in articles discussing how a change in presidential administrations would reverse many of the changes in the 2017 Tax Cuts and Jobs Act. Proposals being advanced to reverse that law call for higher taxes on US companies' foreign income and special tax breaks for domestic manufacturing.
The 2017 tax law tried to reduce tax avoidance while also helping US companies compete abroad, says Callas, who was an aide to then-House Speaker Paul Ryan when the law was written. The result was a narrower tax disparity between profits earned in the United States and profits booked abroad. It "created a slight but manageable disadvantage for US companies, whereas these proposals would create a huge competitive disadvantage for US companies and don't seem to recognize the existence of that trade-off," Callas tells The Wall Street Journal.
Managing Director, Government Affairs & Public Policy