Parts of Trump's tax reform are expiring, meaning the best days are over for some U.S. companies.
The sun is setting on parts of Republicans' signature tax reform. As that happens, some American companies are likely to be hit with a renewed tax burden.
The 2017 tax overhaul — a key piece of legislation for Republicans and President Donald Trump — lowered the corporate tax rate from 35 percent to 21 percent. It was the biggest change to the U.S. tax system in more than 30 years. But not all of those changes are permanent. Morgan Stanley estimated that scheduled changes"will result in a rate that nearly equals the prior code by 2023, and nearly quadruples today's rate by 2027 if Congress does not extend these policies."
Global Intangible Low-Taxed Income, or GILTI, is another changing tax benefit. Willens described it as a punitive provision, designed to discourage multinational U.S. companies from earning income outside of the U.S. and encourage them to earn income inside the U.S. Stocks surged on the back of the tax reform. But we may have seen the last of the sugar high as trade wars and a weaker global economic outlook catch investors' attention.
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