HILL TAX BRIEFING: Democrats Seeking Tax Hike on Multinationals

Multinational companies like Slack and IBM are already bracing for higher offshore taxes as Democrats push for changes.

President Joe Biden campaigned on effectively doubling a tax on global intangible low-taxed income (GILTI), a category of U.S. multinationals’ earnings introduced in the 2017 tax law. Senate Finance Committee Chair Ron Wyden (D-Ore.) has also called for rewriting international provisions—a task that is more feasible now that Democrats control both chambers of Congress.

Denise Bee, head of tax at Slack Technologies, said she hopes the Biden administration will give companies time to implement the changes—unlike ...