GOP Presses Treasury Official on Impact of OECD Pillar Two (1)

Treasury official Michael Plowgian defended the agency’s actions in global tax negotiations at a House Ways and Means hearing Wednesday, arguing negotiators extracted key concessions benefiting the US.

Appearing in front of the tax subcommittee, Plowgian provided a rare chance for lawmakers to dig into the pillars of the deal under negotiation via the Organization for Economic Cooperation and Development. The US hasn’t adopted the 15% global minimum tax under the deal’s Pillar Two.

A provision in the rules that could allow other countries to apply more tax to US companies’ low-taxed US income has angered Republicans. Earlier this week, ...