Politico Morning Tax: More on the Way Out

GUILTY OF WANTING TO CHANGE GILTI: House Democrats, led by Rep. Peter DeFazio of Oregon, have rolled out a bill that would revamp the international system Republicans crafted in the Tax Cuts and Jobs Act. One of the big changes in the proposal: Forcing companies paying the minimum tax on Global Intangible Low Taxed Income (GILTI) to pay on a country-by-country basis, instead of what’s essentially a worldwide minimum tax right now. Richard Phillips of the liberal Institute on Taxation and Economic Policy has a more extensive (and sympathetic) primer on the measure here. Read more