Bloomberg Tax
May 25, 2023, 6:36 PMUpdated: May 25, 2023, 9:07 PM

GOP Outlines Retaliation on ‘Discriminatory’ Foreign Taxes (1)

Isabel Gottlieb
Isabel Gottlieb
Chris Cioffi
Chris Cioffi
Senior Reporter

House Republicans introduced legislation Thursday that would raise US taxes on foreign individuals and companies when their home countries apply taxes the US sees as extraterritorial or discriminatory.

The bill comes amid GOP disgruntlement with the OECD-led global tax deal, which the Biden administration played a key role in negotiating. The deal’s 15% global minimum tax, known as Pillar Two, is set to go into effect in many countries worldwide next year, while governments are still negotiating its other piece, a reallocation of a portion of the largest multinationals’ profits known as Pillar One.

The list of taxes targeted by ...

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