G7 Supports 'Side-by-Side' Tax System Amid U.S. Tax Dispute
TL;DR Summary
The G7 nations have agreed to exclude American companies from penalties related to a 2021 global minimum tax and will implement a 'side-by-side' tax system, easing international tax tensions and avoiding a potential tax war, with the US dropping its opposition to certain tax measures.
- G7 Backs Plan for ‘Side-by-Side’ Tax System to Avoid U.S. Fight The New York Times
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- US Treasury asks Congress to scrap foreign revenge tax in Trump bill Financial Times
- GOP agrees to drop 'revenge tax' from megabill after Bessent cites progress in global talks Politico
- Bessent asks Congress to drop 'retaliatory' tax as Republicans struggle to rewrite bill Reuters
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