REPEAL BEAT COALITION (BASE EROSION ANTI-ABUSE TAX COALITION)

Taxation/Internal Revenue Code

Repeal discriminatory, superfluous, and ultimately ineffectual Base Erosion and Anti-Abuse Tax (BEAT) enacted in the Tax Cuts and Jobs Act (TCJA), to include removing sections treating legitimate deductions, allowances, and tax credits as "base erosion benefits." BEAT impairs the ability of US multinational manufacturers, banks, and insurance companies to compete on a level playing field with foreign firms, and is unnecessary because other new international taxes GILTI and FDII, as well as carryover Subpart F provisions and transaction tax regulations, are strong and transparent deterrents of base erosion and abuse.