- 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.
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.