GILTI was enacted as part of the Tax Cuts and Jobs Act (TCJA). It is a unique tax affecting U.S. companies and imposing costs that make them less competitive versus foreign companies while inhibiting domestic employment. The Biden-Harris Administration has proposed doubling the GILTI rate from 10.5% to 21%. This change would have the effect of shrinking U.S. investment and jobs linked to profits earned overseas. Costs to the U.S. chemical industry would be about $1.37 billion per year. ACC opposes changes that would amplify the tax burden or administrative complexity of GILTI.