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1 William McBride, et al., Tax Foundation Comments on the Wyden, Warner, Brown Discussion Draft 1 (2021)

handle is hein.taxfoundation/txfncso0001 and id is 1 raw text is: Tax Foundation Comments on the Wyden, Warner, Brown Discussion Draft William McBride Daniel Bunn Cody Kallen Vice President of Federal Tax and Economic Policy Vice President of Global Projects Resident Fellow ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 Introduction Tax Foundation welcomes the opportunity to offer comments on the Wyden, Warner, Brown discussion draft on international taxation. Tax Foundation is a nonprofit think tank based in Washington, D.C., and our mission is to improve lives through tax policies that lead to greater economic growth and opportunity. We use the four principles of simplicity, neutrality, transparency, and stability when evaluating tax policies. The Wyden, Brown, Warner discussion draft revisits many of the provisions put into law in 2017. The 2017 reforms in many ways brought the U.S. tax system more in line with those of other developed countries. In the areas where it departed from those systems, this new plan would exacerbate those differences. The differences between the way the U.S. taxes the foreign income of multinationals and the way that other countries do results in an uneven playing field in foreign markets, to the disadvantage of American firms and workers. U.S. companies succeed and maintain their success by developing innovative products and services that reach customers around the world. However, when U.S. policies create tax or regulatory penalties that are not faced by foreign competitors, those competitors have opportunities to gain market share and out-compete U.S. multinationals. When U.S. companies are out-competed abroad due to U.S. policy burdens, that can have a ripple effect throughout the U.S. economy on the workers and supply chains that support the global business of local U.S. companies. According to the Bureau of Economic Analysis (BEA), in 2018, U.S. multinationals contributed 41.5 percent of private business capital expenditures and employed 28.6 million people in the U.S. They constitute an even larger share of high value-added activity, engaging in 74.2 percent of business research and development in the U.S. and earning 76.2 percent of all corporate income. 202.464.6200 taxfoundation.org

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