July 20,2020

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Ashley Schapitl (202) 224-4515

Wyden Statement on GILTI High-Tax Exception Regulations

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released the following statement in reaction to the issuance of the GILTI high-tax exception regulations:  

“The Treasury Department again overstepped its authority to create more loopholes for megacorporations to exploit and reduce their tax bills. In these regulations, the department is allowing companies to determine which set of tax rules apply to them each year. No company is ever going to choose to pay more. This is yet another case where the Trump administration makes the rules more favorable toward megacorporations as the regulatory process moves forward.”