Global Tax Deal Threatens U.S. Companies, Key Republican Warns

Oct. 12, 2021, 4:20 PM

Last week’s sweeping global tax deal could put U.S. companies at a disadvantage, a top Republican lawmaker said Tuesday.

Nearly 140 countries signed an Oct. 8 agreement that would reallocate a portion of the largest multinationals’ profits to more countries, known as Pillar One, and create a global corporate minimum tax rate of 15%, known as Pillar Two.

The final plan could make U.S. companies less competitive and see the U.S. lose tax revenue, said Rep. Kevin Brady (R-Texas), ranking member of the House Ways and Means Committee, speaking at an event hosted by the Tax Foundation. “In my view ...

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