Multinational companies including Apple, Pfizer and Ford Motor Co. would face a new tax on payments they make to offshore affiliates under the House Republicans' tax bill—a surprise provision that has stunned tax experts.
The new 20% tax is “the atomic bomb in the draft” legislation, said Ray Beeman, co-leader of Ernst & Young's Washington Council advisory services group. “We're trying to get our arms around the implications.”
So far, many big U.S. companies have kept quiet on the proposal. But already, House Ways and Means Chairman Kevin Brady has tweaked the provision to lessen its impact, part of a package of changes the tax-writing panel adopted Monday night. The committee will continue debating the bill Tuesday.
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