Big Business Calls on Congress to Ward Off Global Tax Spike (1)

Multinationals want US lawmakers to extend low tax rates on foreign-earned income as they tackle competing priorities in putting together a mammoth tax bill next year.

If the bill doesn’t retain three provisions of the 2017 tax overhaul at their current rates, companies will owe more US tax on the income they’ve earned abroad.

Maintaining the three provisions, as well as the lower corporate tax rate also created in the overhaul, will be necessary “to enhance America’s competitiveness and support manufacturers’ efforts to create jobs and grow investment” in the US, Charles Crain, vice president of domestic policy at the ...