Republicans Warn Global Tax Deal Faces Fight Over Rate, Revenue

July 8, 2021, 10:46 PM

Republican leaders warned Thursday that gaining Congressional support for an OECD-brokered global tax deal could be difficult, saying it may harm U.S. firms and give away too much U.S. tax revenue.

The Organization for Economic Cooperation and Development secured a deal among 131 countries that would create a global minimum corporate tax rate of at least 15% and move a portion of the biggest multinationals’ profits to countries where they have sales, instead of their headquarters. The Group of 20 finance ministers will discuss the plan at a meeting in Venice this week.

The top Republicans in the House Ways ...

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