Home Economy Biden’s global minimum tax may hurt American workers, U.S. economy, Republicans warn

Biden’s global minimum tax may hurt American workers, U.S. economy, Republicans warn

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President Biden is working with a coalition of more than 100 countries to pass a 15% global minimum tax in an effort to ensure corporations pay their fair share, but Republicans warn the effort may undermine American workers and companies.

A global minimum tax, which applies only to a country’s overseas profits, seeks to prevent the world’s largest companies from dodging tax obligations by offshoring. 

If a company is paying a tax rate lower than the global minimum in a foreign country, it would owe the difference in the country where it is headquartered. The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their goods and services are sold, and not just where they are physically present.

HERE’S WHY IRELAND IS A NO-GO FOR GLOBAL MINIMUM TAX HIKE

Texas Republican…

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