Global Tax Mess Awaits U.S. Companies, and Congress Isn’t Helping

US-based multinational firms face rising foreign taxes under global minimum-tax deal, with domestic tax breaks also set to be lost. Congress is polarized over the deal.

June 19, 2023 . 10:03 AM

1 min read

US-based multinational firms face rising foreign taxes from 2024 under global minimum-tax deal.
In 2025, companies will lose domestic tax breaks if they don't meet the 15% minimum tax.
Congress is deadlocked over what to do, with Democrats favoring the deal and Republicans opposing it.
In 2026, US taxes on firms’ foreign income will rise due to the 2017 tax law.
The global minimum-tax deal has been agreed by several countries, but the US is yet to implement it.