G7 Exempts US Multinationals From Global Minimum Tax
2025-06-29
The G7 agreed on Saturday to exempt U.S. multinational companies from a global minimum tax imposed by other countries, a victory for the Trump administration. A "side-by-side" solution will see U.S. companies taxed only at home on both domestic and foreign profits. This follows "recently proposed changes to the U.S. international tax system" within Trump's domestic policy bill, currently debated in Congress. The G7 aims for a swift, mutually acceptable, and implementable solution.