If the U.S. toughens its minimum tax before other countries adopt a global minimum tax, that could set up a double-taxation regime, Dell Technologies Inc. CFO Thomas Sweet said.
The global tax pact, agreed to by 137 countries, would impose a 15% global minimum tax. The U.S. already has a minimum tax on foreign income of its own, known as GILTI, for global intangible low-taxed income. The current rate is 10.5%, but the Biden administration wants to raise that to 15% as part of its massive tax-and-spend package. The global minimum tax would take effect in 2023, while the ...