Biden 21% Minimum Tax Undercuts Global Talks, EU Lawmakers Say

President Joe Biden’s desire for a 21% global minimum corporate tax risks further complicating global tax reform discussions, some European Union lawmakers said Tuesday.

Nearly 140 countries are deep in discussions facilitated by the Organization for Economic Cooperation and Development to change international tax rules to better reflect where value is created and reduce opportunities for legal tax avoidance.

The proposed rate “won’t contribute to reaching agreement” within the OECD and would mean “it will take beyond the summer before a solution is reached,” Katja Hessel, chair of the German Parliament’s Finance Committee, said ...