Overview
Tax Notes quoted George Callas throughout an article titled "Multinationals Taxed at Higher Rate Than Congress Expected." The article, published March 2, discusses how lawmakers who supported the Tax Cuts and Jobs Act's (TCJA) global intangible low-taxed income (GILTI) regime didn’t realize that some multinational corporations would end up paying much more in tax than was anticipated.
Speaking at a February 28 panel hosted by the Tax Foundation in Washington, Callas said, "I think most members of Congress who voted for it assumed that the maximum total rate you would have to pay — US plus foreign — on GILTI would be 13.125 [percent]." However, because of expense allocation rules that reduce the cap on foreign tax credits that corporations can claim, some taxpayers' effective tax rates are much higher, he noted.
The full article can be read at Tax Notes (subscription required).