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Trump-Era Tax Break Seen as Key to Wyden’s Global Overhaul Plans

April 7, 2021, 8:46 AM

A key part of top Senate Democrats’ global tax plan would use a Trump-era tax break to help levy higher taxes on corporate income from tax havens.

The plan, spearheaded by Senate Finance Committee Chair Ron Wyden (D-Ore.) and released Monday, contemplates using a 2020 regulation issued by then-President Donald Trump’s Treasury Department that allows U.S. multinationals to avoid paying U.S. taxes on some of their foreign income that’s already highly taxed abroad.

Wyden and other Democrats have argued that the “high-tax exception” under the 2017 tax overhaul’s global intangible low-taxed income (GILTI) rules is a giveaway to companies...

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