International tax competition, not cooperation, serves American interests ...Middle East

Global economic stagnation is weighing on the American economy. Yet rather than pursuing policies that promote growth abroad, the Biden administration is continuing to push a global tax code (GTC) that would do just the opposite, while also costing the United States $122 billion in lost revenue under one scenario, according to a new Joint Committee on Taxation report. Despite last year’s Democrat-controlled Congress rejecting the centerpiece of the GTC — a global minimum tax on corporations — the administration is racing to implement the GTC internationally, with the immediate goal of finalizing the GTC’s next step, so-called Pillar One, in July. Congress must decide whether to a

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Last updated : 01 July 2023 clock 05:29 PM

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International tax competition, not cooperation, serves American interests ...Middle East

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