Economics
EU’s Tax Move to Swipe Revenue From US Unless Congress Follows
- EU adopts 15% minimum tax agreed under global tax deal
- Could pressure Congress as some US companies pay more to EU
Photographer: Samuel Corum/Getty Images
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The tax landscape for US multinationals is about to get messier now that the European Union has adopted a 15% minimum tax for big companies while Congress shows no sign of getting on board a global agreement backed by the Biden administration.
EU members passed the measure this week, implementing part of a two-pronged global tax reform agreed to last year by more than 130 governments.