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Americans must hope enough members of Congress will see the G-7 agreement on taxation is bad for U.S. sovereignty, the nation’s businesses, and taxpayers.
The New G-7 Minimum Global Corporate Tax Proposal Is An All-Around Bad Deal For America
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The Group of Seven (G7) nations, including the United States and six other wealthy countries, recently announced they had reached an agreement to impose a minimum global corporate tax rate on multinational companies and would be amending long-held international tax principles and rules. Treasury Secretary Janet Yellen hailed the announcement as a victory that would end the global “race to the bottom” on taxation. But in truth, what the G-7 proposed is a bad deal for America’s sovereignty, American businesses, and taxpayers.