“We're going to double the tax on foreign profits so we don't encourage people to leave and build abroad.”
Sources (click to view full provenance)
Propose an edit to this promise's details
Suggest a sourced correction to the promise text, topic, scope, significance, or dates. Changing the promise text requires a source. Your suggestion is reviewed before it changes the record.
Free — it takes a minute. New here? Create an account and complete the Contributor Agreement once.
Assessments
evidence-backed verdictsThese are sourced verdicts from fact-checkers or community evidence reviews — not opinions.
Biden's Treasury Green Book (FY2022, May 2021) proposed cutting the Section 250 GILTI deduction from 50% to 25%, which would have roughly doubled the effective U.S. tax rate on GILTI foreign profits from about 10.5% to 21%. Congressional Democrats pursued versions of this in Build Back Better, but international tax/GILTI provisions were dropped entirely from the final Inflation Reduction Act signed August 16, 2022, which instead imposed only a 15% corporate book-income minimum tax. No doubling of the GILTI rate has been enacted as of 2026, so this was a genuine legislative push that did not land.
Your opinion on this assessment(clearly labeled opinion)
Sign in to vote.
Discussion
community opinionsComments are user opinions — not verdicts. They do not affect the official assessment.
Sign in to join the discussion.
Propose a correction
community accountabilitySee an error in the promise text, status, significance, or missing source? Submit a sourced correction — a reviewer will evaluate and apply it if accurate. Your submission must cite evidence; unsourced changes are not accepted.
Sign in or create an account to propose a correction.
Debate
sourced community argumentsThese are sourced community arguments — not StumpWatch assessments. Each cites a source and is community-contributed; it does not change the official status or rating above.
No arguments yet
Be the first to weigh in. Every argument cites a source and is reviewed before it publishes. Create an account to add one and help keep this promise honest.
Add a sourced argument
Cite a source for your point. Submissions are held for reviewer approval before they appear.
Sign in or create an account to add an argument.