When Congress reformed the tax code by passing the Tax Cuts and Jobs Act (TCJA) back in 2017, the motivation was to make American businesses more competitive across the world. This time around, Congress is re-reforming the international tax system for a very different purpose: to raise additional revenue that can be spent on a variety of priorities. This backwards method of policymaking is likely to cause significant harm to the economy by making the American tax system unfriendly to multinational businesses choosing where to direct their activities and investments.
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