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Europe doesn't like Trump administration's tax plans

Europe's five biggest economies have warned the Trump administration that its tax plan may violate international trad...

Posted: Dec 11, 2017 6:13 PM
Updated: Dec 11, 2017 6:13 PM

Europe's five biggest economies have warned the Trump administration that its tax plan may violate international trade rules.

Germany, France, Britain, Spain and Italy have written to Treasury Sec. Steven Mnuchin, arguing that tax bills passed by the House and Senate run afoul of treaties and could distort international trade.

"It is important that the U.S. government's rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up," the letter states. It was signed by the countries' finance ministers.

The letter argues that proposed changes to the U.S. tax code could give American companies an advantage over foreign rivals.

The ministers objected specifically to a new 20% tax on payments from U.S.-based multinationals to their foreign affiliates, saying the measure in the House bill could "discriminate in a manner that would be at odds with international rules."

They said the provision could also tax the profits of foreign businesses that do not have a permanent base in the U.S.

A second measure also drew objections. It would subject cross-border transfers within banks and finance companies to a 10% tax.

"These two ... present [World Trade Organization] problems, said Rebecca Kysar, a professor at Fordham University. She said the measures could be considered to be discriminatory.

The finance ministers said they opposed another measure in the Senate bill that could benefit American companies by subsidizing their exports.

Kysar said the more income a U.S. company makes from exports, the greater the share of its income will be taxed at 12.5% instead of the general corporate rate of 20%.

Related: 4 red flags in the GOP tax bills

The letter comes at a crucial stage in the legislative process.

The House and Senate have passed competing versions of the tax bill. Their task now is to reconcile major differences between the two measures.

Congressional Republicans are hoping to get the final agreement to President Trump before Christmas.

Trump is expected to deliver remarks on tax reform at the Treasury Department on Wednesday.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 473413

Reported Deaths: 9214
CountyCasesDeaths
Harrison32339474
Hinds30703575
DeSoto29814346
Jackson23263336
Rankin21111358
Lee14600217
Madison14043265
Jones13165218
Forrest12953233
Lauderdale11418297
Lowndes10249175
Lamar10048128
Pearl River8737209
Lafayette8078136
Hancock7324111
Washington6837147
Oktibbeha6820118
Neshoba6404201
Monroe6372158
Warren6326161
Pontotoc610393
Panola6071124
Bolivar6016143
Marshall5972118
Union564086
Pike5491133
Lincoln5232130
Alcorn520888
George457868
Scott451993
Leflore4401140
Prentiss437276
Itawamba436198
Tippah436180
Simpson4268111
Copiah425586
Wayne424863
Tate4234100
Adams4219114
Yazoo415886
Sunflower4088104
Covington407391
Marion4032100
Leake393185
Coahoma388198
Newton364474
Grenada3517101
Stone345657
Tishomingo324888
Attala321185
Jasper310262
Winston300391
Clay288273
Chickasaw282164
Clarke277487
Calhoun259739
Holmes259485
Smith243947
Yalobusha216747
Tallahatchie215649
Walthall205557
Greene204045
Lawrence203831
Perry196453
Amite193751
Webster191941
Noxubee174538
Montgomery169853
Jefferson Davis165541
Carroll159937
Tunica148434
Benton139433
Kemper137439
Claiborne125634
Choctaw124925
Humphreys123337
Franklin115227
Quitman101825
Wilkinson99835
Jefferson86632
Sharkey62120
Issaquena1916
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Alabama Coronavirus Cases

Cases: 768301

Reported Deaths: 13209
CountyCasesDeaths
Jefferson1093481727
Mobile699891179
Madison48418589
Baldwin35707452
Shelby35193291
Tuscaloosa33029512
Montgomery32582664
Lee21908204
Calhoun20140377
Morgan19351318
Etowah18583433
Marshall17272259
Houston16139353
St. Clair14956276
Limestone14129180
Cullman14069235
Elmore14010245
Lauderdale13128272
Talladega12399215
DeKalb11890229
Walker10231312
Autauga9493127
Blount9418149
Jackson9115136
Coffee8646161
Colbert8324169
Dale8284159
Escambia6456106
Tallapoosa6394168
Covington6313157
Chilton6243133
Russell591654
Franklin563597
Chambers5240132
Marion4628115
Dallas4626178
Clarke451471
Pike450091
Geneva4252106
Winston407987
Lawrence4046102
Bibb396177
Barbour338968
Marengo320981
Monroe311547
Butler309783
Pickens298769
Randolph294055
Henry293856
Hale286081
Cherokee279850
Fayette272271
Washington243545
Crenshaw232265
Clay221561
Macon214454
Cleburne209748
Lamar187839
Conecuh177139
Lowndes169056
Coosa163631
Wilcox154335
Bullock147142
Perry134235
Sumter123335
Greene119241
Choctaw72325
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