House GOP Bill Threatens Retaliation Against Global Taxes

House Republicans are reupping a threat of retaliation against foreign individuals and companies when their home countries apply taxes the US sees as extraterritorial or discriminatory.

The bill, similar to legislation introduced last Congress, comes after President Donald Trump issued a memorandum that said parts of the OECD-led global tax deal wouldn’t have force or effect in the US.

• Ways and Means Chair Jason Smith (R-Mo.) announced the bill’s reintroduction Wednesday requiring the Treasury Department to identify discriminatory taxes imposed by foreign countries, such as the undertaxed profits rule contained in Pillar Two of the deal.
• Tax rates imposed by ...