President Trump’s recent executive order has effectively nullified the global corporate minimum tax agreement supported by his predecessor and nearly 150 other countries. Designed to address tax practices among multinationals, this OECD-backed agreement sought to establish a minimum tax rate of 15% on large companies, limiting tax avoidance strategies by shifting taxable income to where profits are actually earned. Without U.S. participation, the efficacy of this global deal is in question, especially as many target companies are American giants like Apple and Amazon.
The Global Tax Deal has no force or effect in the United States without the action of Congress, aiming to recapture our sovereignty and competitiveness.
The OECD-backed deal aims to ensure big multinational corporations pay taxes, with a global minimum tax of 15% on profits exceeding $782 million.
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