Global tax deal could drive changes in Democrats' budget plan
WASHINGTON — As they work to raise taxes on U.S. companies doing business abroad, Democrats are considering honing some details to align with a landmark deal for other countries to charge similar levies and curb tax avoidance in the process.
House Democrats drafted their international tax plan with an eye on the global talks when they made it part of their budget reconciliation bill, a filibuster-proof package intended to implement much of President Joe Biden’s domestic agenda.
Now with the bill stalled as Democrats debate spending levels, details of the global deal are solidifying and influencing discussions on exactly how the U.S. will boost taxes on multinationals — if they can get the plan past business-friendly centrists.
For starters, Democrats are discussing delaying tax increases to give time for other countries to set up their own minimum taxes on large multinationals’ earnings around the world. Late last week, 136 jurisdictions agreed to a 15 percent global minimum rate, a basic outline for rules and a timeline for implementation that wouldn’t see other countries’ new taxing regimes begin until at least 2023.
Read more: https://www.register-herald.com/news/global-tax-deal-could-drive-changes-in-democrats-budget-plan/article_940eb77e-e12a-56ee-aa82-546e3d2c7fd4.html
(Beckley Register-Herald)
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