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1 Daniel Bunn, An International Tax Agenda for Congress on the Anniversary of the Global Tax Deal 1 (2022)

handle is hein.taxfoundation/inltxagd0001 and id is 1 raw text is: An International Tax Agenda for Congress on the Anniversary of the Global Tax Deal FISCAL Daniel Bunn Executive Vice President FACT No. 795 June 2022 Key Findings • A year since the global tax deal was agreed to by more than 130 countries, progress on implementing legislation has hit a lull. • Implementation of the minimum tax rules is not expected until the end of 2023 or in 2024. • Since the 2017 U.S. tax reforms and other recent international rules changes, onshoring of intellectual property (IP) to the U.S. has increased and outward investment strategies for U.S. companies have shifted. This should impact how the U.S. approaches the global tax deal. • The international tax reforms included in the Build Back Better Act (BBBA) do not line up with the global minimum tax model rules and could prove a complex mess if adopted. • Congress should prioritize evaluation of recent international tax trends and the model rules and adjust U.S. rules in a way that supports investment and innovation and moves towards simplicity. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2022 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org