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147 Nations Exempt U.S. Firms From Global 15% Minimum Tax

147 Nations Exempt U.S. Firms fromFrom Global 15% Minimum Tax

Published 2 days ago

147 Nations Exempt U.S. Firms From Global 15% Minimum Tax

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Above: The OECD headquarters in Paris, France, on Dec. 5, 2024. Image credit: Gregoire Campione/AFP/Getty Images

The Spin

This deal is a landmark agreement for international tax cooperation. Following months of tough negotiations, the OECD has created a framework that enhances tax certainty, reduces complexity and protects tax bases. This treaty was only possible by striking a fair compromise, recognizing the legitimacy of jurisdictions that exceed the OECD's minimum tax rate.

OECD

This agreement is a historic victory for U.S. sovereignty, ensuring that American companies answer only to U.S. law and not foreign governments. The deal also protects vital research and development credits and investment incentives, essential to preserving U.S. leadership in innovation, while preventing measures that would have undermined job creation and technological advancement.

U.S. Department of the Treasury Congressman Vern Buchanan

The OECD has kowtowed, abandoning nearly a decade of fighting corporate tax evasion so U.S. companies can stash profits in tax havens and cheat countries out of their dues. This disastrous reversal not only exposes the weakness of the OECD but also the backwardness of the Trump administration, which prioritizes corporate profits over the interests of Americans.

FACT Coalition Tax Justice Network