onlyTrustedInfo.comonlyTrustedInfo.comonlyTrustedInfo.com
Notification
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Reading: G7 agrees to exclude US from corporate minimum tax
Share
onlyTrustedInfo.comonlyTrustedInfo.com
Font ResizerAa
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
Search
  • News
  • Finance
  • Sports
  • Life
  • Entertainment
  • Tech
  • Advertise
  • Advertise
© 2025 OnlyTrustedInfo.com . All Rights Reserved.
News

G7 agrees to exclude US from corporate minimum tax

Last updated: June 29, 2025 4:13 am
Oliver James
Share
2 Min Read
G7 agrees to exclude US from corporate minimum tax
SHARE

The Group of Seven (G7) said Saturday that it will allow American companies to be excluded from a global minimum tax imposed by other countries, creating instead a “side-by-side” agreement where regular American tax rules would apply.

In 2021, nearly 140 countries agreed to tax multinational companies at a minimum rate of 15 percent, regardless of where they were headquartered, in a deal aimed at preventing conglomerates from seeking out tax havens. The Biden administration was then a proponent of the deal, as it was in line with its plans to raise the corporate tax rate.

The Friday move by the G7 is nonbinding and still requires approval from the OECD, the intergovernmental organization that established the 2021 agreement. But the G7 members, which include the world’s largest economies, dominate the OECD.

The G7 statement is a major win for the Trump administration, which has pushed for the United States to be exempted from the tax agreement.

The “big, beautiful bill” now making its way through the Senate initially included a “revenge tax” that would have imposed a levy of up to 20 percent on investments from countries with economic policies deemed to be unfair to American businesses, a broad definition that could have included the OECD deal.

The language was pulled Thursday after Treasury Secretary Scott Bessent said progress with the G7 had been made, a move celebrated by congressional Republicans.

“We applaud President Trump and his team for protecting the interests of American workers and businesses after years of congressional Republicans sounding the alarm on the Biden Administration’s unilateral global tax surrender under Pillar 2,” wrote Sen. Mike Crapo (R-Ind.) and Rep. Jason Smith (R-Mo.), the chairs of each chamber’s tax policy committee.

Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to The Hill.

You Might Also Like

China condemns US-Philippines ‘full-scale battle’ drills

Trump says U.S. trade deal with China is done after talks in London

Opinion – Trump is trying to defang the Endangered Species Act

Turkish authorities escalate crackdown on opposition-run Istanbul municipality

A Victory for Separation of Powers

Share This Article
Facebook X Copy Link Print
Share
Previous Article Baby-naming trend already identified among ‘Generation Beta’ babies, BabyCenter claims Baby-naming trend already identified among ‘Generation Beta’ babies, BabyCenter claims
Next Article At least 2 dead after firefighters in Idaho shot at while responding to fire At least 2 dead after firefighters in Idaho shot at while responding to fire

Latest News

Social Security Cuts Could Cost You 8K: Here’s How Much More You’ll Need To Save
Social Security Cuts Could Cost You $138K: Here’s How Much More You’ll Need To Save
Finance July 9, 2025
Healthcare expert warns of coverage shock under ‘One Big Beautiful Bill’
Healthcare expert warns of coverage shock under ‘One Big Beautiful Bill’
Finance July 9, 2025
Most US adults say child care costs are a ‘major problem,’ a new AP-NORC poll finds
Most US adults say child care costs are a ‘major problem,’ a new AP-NORC poll finds
Finance July 9, 2025
Is Meta’s .3 Billion Bet on Scale AI Too Little, Too Late?
Is Meta’s $14.3 Billion Bet on Scale AI Too Little, Too Late?
Finance July 9, 2025
//
  • About Us
  • Contact US
  • Privacy Policy
onlyTrustedInfo.comonlyTrustedInfo.com
© 2025 OnlyTrustedInfo.com . All Rights Reserved.