On 13 September 2021, the United States (US) House Ways and Means Committee released the tax portion of its reconciliation bill (HW&M proposal) and a section-by-section summary of the tax proposals. As with President Joe Biden's Green Book issued in May and Senate Finance Committee Chair Ron Wyden's proposal introduced last month, the HW&M proposal contains significant changes to the rules for global intangible low-taxed income (GILTI), foreign tax credits (FTC) and the Base Erosion and Anti-Abuse Tax (BEAT). Additionally, the HW&M proposal contains many additional provisions with far-reaching implications. With important exceptions, most of these provisions would be effective...