Congress Frets Over Biden Plan To Subject American Companies to Global ‘Top-Up Tax’

GOP lawmakers say Biden’s plan has ‘no path forward’ in Congress and violates tax treaties as well as American sovereignty.

AP/Patrick Semansky, file
The U.S. Treasury Department building. AP/Patrick Semansky, file

Now that the Biden administration has successfully maneuvered through Congress a minimum corporate tax rate for American companies via last year’s Inflation Reduction Act, it wants to make sure those companies can’t escape that duty in other countries by signing on to an international tax treaty that would tax multinationals equally across the globe.

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