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Global Tax Deal Would Undercut U.S. Tax Breaks, Businesses Warn
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WASHINGTON—The emerging global minimum-tax agreement would make domestic tax breaks less valuable for some U.S.-based companies, potentially limiting the effectiveness of incentives for research, exports and low-income housing, businesses are warning.
Their concerns stem from proposed international rules about how nations can use tax breaks to aid companies’ home-country operations, under the global deal that puts a 15% floor under corporate tax rates. To create a level playing field, the rules let other countries impose taxes if multinational companies pay too little at home. U.S. policy makers are still assessing any impact, but companies are starting to raise alarms.
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