Steptoe & Johnson LLP

05/06/2019 | News release | Distributed by Public on 05/06/2019 14:48

Law360 Quotes George Callas on Debate Over GILTI's Jobs Offshoring Incentive

Law360 quoted George Callas in a May 3 article titled 'Debate Over GILTI's Jobs Offshoring Incentive Continues.' The article discusses how the Tax Cuts and Jobs Act's global intangible low-taxed income (GILTI) provision has sparked debate over whether it prompts US companies to move jobs elsewhere.

Callas disagrees that the incentive ultimately will push jobs overseas. Contrary to claims from critics that the potential GILTI incentive must be a fluke or a last-minute giveaway, Callas says he researched it thoroughly as a Ways and Means staffer - even going back to 2011, when a similar provision was included in a tax overhaul draft from then-Rep. Dave Camp. 'We asked ourselves the question. We spotted that issue. We did not want that result. After we spent some time looking at it, we became comfortable that it was not a significant risk.'

The full article can be read at Law360 (subscription required).