OECD Minimum Tax Impact on US is Uncertain, Joint Committee Head Says
Thomas Barthold, chief of staff at the Joint Committee on Taxation, said on March 6 that companies’ response to the global deal’s domestic minimum tax will determine the impact on US corporate tax revenues. The impact is currently uncertain. On one hand, US revenues from multinationals could decline because it is expected that the qualified domestic minimum top-up taxes would be creditable taxes under the GILTI regime. However, on the other hand, companies could move economic activity to the US, which would increase the US tax base.