• Monte Silver, Tax lawyer

Brady Releases Draft TCJA Corrections bill - leaving small business worse off under 965/GILTI

With much fanfare and pomp, Brady released a corrections bill for the TCJA. https://republicans-waysandmeansforms.house.gov/uploadedfiles/tax_technical_and_clerical_corrections_act_discussion_draft.pdf

Despite knowing very well what pains the Transition/GILTI taxes were causing small business owners abroad and in the US, he completely ignored the issue. In fact, the corrections bill adds two more complications to GILTI/Transition. See below

It is true that this bill is DEAD ON ARRIVAL in any case, as Republicans have lost control of the House Ways & Means committee. So one wonders what the point was in all this. However, it shows us that we have no - and I mean NO (in calital letters) power in DC!

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