Money Never Sleeps Radio with Louis Velazquez, GILTI, Growth and Fintech April 7, 2021

3 years ago
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Today we are talking about Global Intangible Low-Taxed Income or GILTI and the impact it has an for those that don't know what this is, basically its corporate taxes on U.S. companies bringing money back to the U.S. from overseas.

Currently taxes on foreign profits is 10.5% the Biden administration is looking to double that to a statutory rate of 21% , which would become an effective rate 26% , basically it could be a $650B cost to US businesses over 10 years.

This will lead to more US companies being taken over by overseas companies, it will lead to earnings overseas staying overseas , so the hike will make US companies less competitive.

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