Washington – The PACE Coalition today released the following statement on the announced OECD high-level agreement on a 15 percent global minimum tax:
“U.S. companies have been subject to a minimum tax on their overseas earnings since the U.S. undertook tax reform in 2017, and the OECD announcement holds the potential for foreign competitors to be held to a similar standard. However, until there is widespread adoption of such foreign minimum taxes, American businesses serving the global marketplace will continue to be at a competitive disadvantage.
“Congress should wait for other countries to enact foreign minimum taxes on their companies before making changes to the tax code that would further disadvantage U.S. companies and American workers. America’s globally engaged companies will continue to face steep challenges in competing against foreign competitors who may not be subjected to a global minimum tax for years—if ever.
“We urge U.S. leaders to maintain a competitive U.S. tax code, which will foster a stronger economic recovery from the pandemic, job and wage growth for American workers and enduring economic prosperity for American families nationwide.”