U.S. Politely Declines Global Tax Pact for Business Protection
Published Date: 1/30/2025
Presidential Document
Summary
The U.S. is saying “no thanks” to the OECD Global Tax Deal for now, keeping control over its own tax rules and protecting American businesses from unfair foreign taxes. The Treasury and Trade teams will check if other countries are playing fair with tax treaties and suggest ways to fight back if needed—all within 60 days. This move aims to keep American jobs and money safe while the government figures out the best next steps.
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Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
U.S. Rejects OECD Global Tax Deal
The President directed that commitments made under the OECD Global Tax Deal "have no force or effect" in the United States unless Congress adopts the deal's provisions. The Secretary of the Treasury and the U.S. Permanent Representative to the OECD are to notify the OECD of this position (Memorandum dated January 20, 2025).
Treasury Review of Foreign Tax Practices
The Secretary of the Treasury, with the U.S. Trade Representative, must investigate whether foreign countries violate U.S. tax treaties or have extraterritorial or discriminatory tax rules and develop a list of options for protective measures. The Secretary must deliver findings and recommendations to the President within 60 days (per the January 20, 2025 memorandum).
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