US-based multinational companies will be exempt from global tax deal
ABC News••general
Key Points:
- The OECD finalized a global tax deal exempting large U.S.-based multinational corporations from the 15% global minimum tax after negotiations involving the Trump administration and G7 nations.
- Nearly 150 countries agreed on the plan, initially crafted in 2021, aimed at preventing companies from shifting profits to low-tax jurisdictions, but the amended deal weakens the original agreement.
- U.S. officials hailed the deal as a victory for American sovereignty and business protection, while tax transparency groups criticized it for allowing major U.S. companies to continue profit shifting to tax havens.
- The original 2021 plan, strongly supported by former Treasury Secretary Janet Yellen, faced opposition from congressional Republicans who argued it would harm U.S. competitiveness
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