Nine countries are rejecting the Biden administration’s proposed “global minimum tax.”
During last month’s meeting of the G7, President Biden and other world leaders endorsed a “strong global minimum tax” of at least 15%. The White House called the policy “a critical step towards ending the decades-long race to the bottom that pushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class.”
However, smaller nations — which compete with larger powers by minimizing taxes and regulations — are beginning to reject the deal.
As Fox Business reports, only 130 of the 139 Organization for Economic Cooperation and Development member nations signed the tentative framework. Barbados, Estonia, Hungary, Ireland, Kenya, Nigeria, Sri Lanka, St. Vincent, Peru, and the Grenadines have so far refused to endorse the tax.
Resistance from Estonia, Hungary, and Ireland may pose an especially significant threat to the deal, as the European