[This is a guest post by Ed McClellan and Thomas Reilly that was originally published on June 2, 2021, in Covington’s Global Policy Watch Blog.]
In mid-May, the Biden Administration officially threw its support behind a minimum global corporate income tax rate of at least 15%. The U.S. proposal would be limited to the world’s 100 largest companies – those with revenues of over $20 billion. The proposal would not depend on the company’s nationality (the U.S. has made clear that it would not support any proposals that discriminate against U.S. multinationals) and, since it would apply to digital services companies as well as to those selling tangible goods, would not be specific to any one sector.
Continue Reading A Proposed Global Minimum Corporate Income Tax Rate