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Senator Manchin Will Not Support the Build Back Better Act

Senator Joe Manchin said that he opposes the Build Back Better Act, which effectively prevents its passage. While there are no immediate prospects for the Build Back Better Act to become law, future tax acts tend to draw upon earlier proposals.

TAX TAKE: OECD Is GILTI As Charged? - Tax

13 July 2021 Miller & Chevalier Chartered To print this article, all you need is to be registered or login on Mondaq.com. Earlier this month, over 130 members of the OECD s Inclusive Framework (IF) signed on to the institution s two-Pillar framework to overhaul the international tax regime. This endorsement encompasses the new articulations of jurisdictional nexus and profit allocation embodied in Pillar 1, as well as a primary rule implementing a global minimum tax (at a rate of at least 15 percent - more on that later) regime with a backstop rule authorizing the denial of deductions for related party payments made to recipients in low-tax jurisdictions under Pillar 2.

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