Senate Republicans tucked some multibillion-dollar tax increases for corporations into the 515-page tax bill they released this week—spring-loaded hikes that would begin after 2024 if the economy doesn't grow as fast as GOP lawmakers have promised.
Some of the taxes in question aim squarely at companies like Apple Inc. and Alphabet Inc., which rely on intellectual property, also known as "intangibles," that they've transferred to overseas subsidiaries, tax experts say. Spokesmen for the two tech giants didn't respond to requests for comment Tuesday.
"These so-called 'sunrise' provisions essentially are future tax traps for unsuspecting multinationals," said David Sites, a partner in Grant Thornton's National Tax Office in Washington. In all, changes made by the Senate Finance Committee last week would boost revenue from international provisions aimed at such companies by about $55.6 billion over a decade, to $154.6 billion; most of the increase would come in 2026 and 2027.
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