Wyden Flips a Trump-Era Tax Break for Use in His Global Tax Plan

Senate Democrats have decided to move forward with an idea that would repurpose a Trump-era tax break to help impose higher taxes on U.S. companies’ foreign income.

The Democrats want to use a “high-tax exclusion” issued under former President Donald Trump that was originally intended to help U.S. multinationals avoid some U.S. taxes. But Democrats would use it to help identify income that companies are trying to shield from U.S. taxes, and calculate how much more in taxes they should be paying on it.

Using the high-tax exclusion would provide a “robust,” simpler way to accomplish that than other methods, ...