POLITICO Pro: Morning Tax (Excerpt)

This is the fourth Congress in a row that Rep. Lloyd Doggett (D-Texas) and Sen. Sheldon Whitehouse (D-R.I.) are rolling out their proposal to ramp up taxes on corporations’ offshore income.

There’s a bit of a twist in their presentation this time around, though. Doggett and Whitehouse are announcing the bill today, in the process citing the extra debt produced by the GOP’s 2017 tax law — without which, the Democrats note, Washington wouldn’t have to have a fight over the debt limit quite so soon.

The bill itself essentially gets rid of GILTI, the minimum tax on corporations’ foreign income enacted through the Tax Cuts and Jobs Act — instead forcing multinationals to pay the full domestic rate on their offshore profits.

That tax would also be applied on a country-by-country basis — a major aim of the global minimum tax that the Biden administration helped negotiate, but which has been staunchly opposed by Republicans and is stalled for the foreseeable future in Congress.

This bill can expect to get the same kind of reception from GOP lawmakers. But it also underscores that the debate will surely continue over how much the Republican tax law has contributed when multinationals pay low effective rates.