There are up to 1 million jobs and tens of billions of dollars in investment at risk if Congress moves ahead with changes to the tax policy affecting income earned by globally engaged U.S. businesses. A new EY study published by the National Association of Manufacturers finds that proposed changes to the Global Intangible Low-Taxed Income regime—or GILTI, as it’s called—would have an overall destructive effect on U.S. employment and economic growth.
The negative consequences would include:
In Lost Economic Activity
Manufacturers operate in a global economy, and these changes to GILTI would tilt the scales against manufacturers and manufacturing employees in the U.S. Policymakers should pursue policies that level the playing field and make it easier for us to grow and expand, rather than disadvantage manufacturers and other businesses leading our recovery.
LEARN MORE: Estimated impacts of proposed changes to GILTI provision on US domestic economic activity