US Senate Democrats Seek Change in Trump Tax Reforms to Create US Jobs
Voice of America
Top Democrats on the Senate Finance Committee on Monday proposed major shifts in former President Donald Trump's 2017 tax reforms to eliminate what they say are incentives for companies to move operations overseas and shift profits to tax haven countries.
The plan proposed by Democratic senators Ron Wyden, Sherrod Brown and Mark Warner parallels some of the corporate tax hike proposals announced last week by President Joe Biden to finance $2 trillion in U.S. infrastructure investment. The senators are targeting provisions in the landmark 2017 Tax and Jobs Act that govern how companies' foreign income is taxed, the Global Intangible Low-Taxed Income system, the Foreign-Derived Intangible Income tax and the Base-Erosion and Anti-abuse Tax. The systems were aimed at returning companies' deferred offshore income to the United States at lower tax rates, where those profits could be invested in American jobs. But in practice, the Democrats said, they created new incentives for companies to invest more overseas to take advantage of new exemptions.Soldiers patrol the road near the international airport in Port-au-Prince, Haiti, March 13, 2024. Children look through a fence at a shelter for families displaced by gang violence, in Port-au-Prince, Haiti, March 13, 2024. A protester reacts while tires burn in the street during a demonstration following the resignation of Haiti's Prime Minister Ariel Henry, in Port-au-Prince, Haiti, March 12, 2024. People walk along a street in Port-au-Prince, Haiti, March 13, 2024.
U.S. President Joe Biden talks to Harry Abramson during a visit to the Biden campaign office in Milwaukee, Wisconsin, March 13, 2024. Demonstrators in support of Palestinians gather near where U.S. President Joe Biden speaks in Milwaukee, Wisconsin, March 13, 2024. U.S. President Joe Biden visits his Wisconsin election campaign office in Milwaukee, Wisconsin, March 13, 2024.
Haiti's Prime Minister Ariel Henry speaks while addressing the nation, at an unidentified location on a date given as March 11, 2024, in this screengrab obtained from a handout video. (Prime Minister of the Republic of Haiti via X) Former police officer Jimmy "Barbecue" Cherizier, and leader of an alliance of armed groups, walks past journalists, in Port-au-Prince, Haiti, March 11, 2024.
Natalia Latif with a 'Vote Uncommitted' sign during an uncommitted vote election night gathering in Dearborn, Michigan, February 27, 2024. Voting in Detroit, Michigan, during the presidential primary election, February 27, 2024. Supporters of the uncommitted movement cheer during an election night gathering, Feb. 27, 2024, in Dearborn, Michigan. Eric Suter-Bull holds a Vote Uncommitted sign outside a voting location at Saline Intermediate School for the Michigan primary election in Dearborn, Feb. 27, 2024.
Supporters for Republican presidential candidate and former U.S. President Donald Trump show their support for him at a campaign rally in Rome, Georgia, March 9, 2024. U.S. Senator Raphael Warnock, a Democrat from Georgia, speaks before U.S. President Joe Biden at a campaign rally at Pullman Yards in Atlanta, Georgia, March 9, 2024. Photos taken in Columbia, South Carolina, show former U.S. President Donald Trump, left, on Feb. 24, 2024, and current U.S. President Joe Biden on Jan. 27, 2024.