Bloomberg Tax
May 25, 2023, 9:00 AM

GOP Unveils Attack on Key Facet of OECD Tax Deal Before EU Trip

Chris Cioffi
Chris Cioffi
Senior Reporter
Samantha Handler
Samantha Handler
Isabel Gottlieb
Isabel Gottlieb

House Ways and Means Committee Republicans will roll out legislation Thursday aimed at countries that apply the OECD global minimum tax’s undertaxed profits rule to US companies.

Introduced by the House committee’s chair Jason Smith (R-Mo.), the bill would counter laws enacted by other countries applying minimum tax rules to US multinationals by imposing retaliatory taxes on the US income of foreign investors and businesses. It sets the stage for Republican pushback when a delegation led by Smith travels to Europe next week for meetings at the Organization for Economic Cooperation and Development.

The bill would ...

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