Global Tax Deal Could Cost US, Congressional Scorekeeper Says

The global tax deal’s plan to reallocate a slice of profits from some of the largest multinationals could sap between $100 million and $4.4 billion annually in US revenue, according to Congress’ scorekeeper.

“This range reflects the high degree of uncertainty about many aspects of the implementation of Pillar One,” the Joint Committee on Taxation said in a report released Tuesday.

The global tax deal, agreed to by more than 140 countries in 2021, includes Pillar One, which would reallocate large multinational companies’ residual profits to market jurisdictions, and Pillar Two, which sets a 15% global minimum tax. Pillar Two ...