OECD Global Rewrite Progress Closely Watched on Capitol Hill

Senior staff on the House and Senate tax-writing committees said lawmakers are monitoring the federal revenue impact of the Organization for Economic Cooperation and Development’s global tax rewrite.

The OECD is trying to get nearly 140 countries to agree on an overhaul of how the digital economy is taxed. The organization estimates its plan could bring in about $100 billion annually. But policy makers worry that the outcome of the new international tax framework could shrink U.S. tax revenue. That’s on top of U.S. multinational company concerns caused by a proliferation of unilateral digital taxes.

“From our perspective the ...