Biden Minimum Tax Could Break Global Logjam, EU Official Says

A Biden presidential election victory would make U.S. agreement more likely on a proposed overhaul of global tax rules, an EU official said Wednesday.

The Democratic hopeful Joe Biden is proposing to double the federal minimum tax on U.S. corporations’ foreign earnings, known as global intangible low tax income (GILTI), to 21% from 10.5%. Were the plan to become law, it would make the U.S. a “slightly less attractive” choice for company headquarters, Benjamin Angel, director for direct taxation in the European Commission, told a hearing of the European Parliament’s tax subcommittee.

The U.S. would then have a greater ...