JCT: U.S. Stands to Lose Revenue Under OECD Tax Deal

Press Release

"The Biden Administration unilaterally surrendered to the OECD tax cartel by agreeing to a global tax code that will extract more than $120 billion in US tax revenue over the next decade--unless Congress also surrenders its sovereignty over U.S. tax policy. This is a lose-lose deal negotiated by the Biden Administration. Even if Congress did implement OECD's global minimum tax by 2025 along with the rest of the world, the U.S. would still lose tens of billions of dollars, and likely much more if it does not stack another book tax on the shelf alongside the Democrats' dizzying book minimum tax. Worse, by agreeing to prioritize the OECD's tax scheme over the Republican-enacted global minimum tax from 2017, the Biden Administration handed each foreign country a model vacuum to suck away tens of billions from our tax base.

Not only does the OECD's global tax code undermine U.S. sovereignty to enact its own tax policy and vault foreign countries ahead by encouraging a subsidy race to the bottom, but this "America Last' policy shifts jobs and--as this analysis makes clear--tax revenues out of the United States."

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