Tax on foreign profits would harm state small businesses

112521-cp-web-oped-james-1Once again, the decisions of Washington bureaucrats reveal just how out of touch they are with the rest of America.

In a bid to pay for infrastructure, some lawmakers are aiming to increase the Global Intangible Low Tax Income (GILTI) rate. This is an unnecessary policy decision that would set back our nation’s recovery and result in higher costs for consumers, reduced wages and fewer jobs.

A GILTI increase is of particular consideration for Weld County as our most critical industry would be irreparably harmed. Weld County is the number one producer of oil and gas in Colorado — 87% of all crude oil production and 45% of all natural gas production comes from Weld County.

Our communities have benefited immensely from the royalties collected from oil and gas operations, which totaled $1 billion in 2017 and go toward funding schools, social assistance programs, parks and water infrastructure.

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