Global Tax Deal Sparks Fear US Law Will Be Tougher to Change (1)

A global agreement to exempt US multinationals from key parts of the 15% global minimum tax is raising concerns that its rules may tie the hands of Congress to make corporate-friendly changes to the US tax code in the future.

The Organization for Economic Cooperation and Development, which brokered the deal, outlined specific conditions—highly tailored to US tax law—that would qualify a country for the exemption.

Companies must be subject to a 15% corporate alternative minimum tax and at least a 20% statutory rate, among other technical requirements. Other countries must be notified of legislative changes that ...