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OECD Tax Agreement: Time for Congress to Act

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In response to the OECD’s tax deal announced today, Oxfam America’s Tax Policy Lead Didier Jacobs said:

“Now that the world has concluded negotiations on a global minimum tax rate, it’s time for Congress to act.  For too long, multinational corporations have engaged in a race to the bottom that rewards rich executives and investors while leaving working families behind.

"The global agreement gives Congress room to meet President Biden’s ambition to raise the US tax rate on foreign profits without fear of harming the competitiveness of US companies. Congress must act immediately to pass the President’s economic plan to end the offshoring of US profits and jobs while raising more revenue for critical investments in American workers and families.

“While this agreement can advance the US debate, it is a raw deal for developing countries. They will get next to nothing in extra direct revenue from this agreement. This is a huge missed opportunity in the context of the pandemic. Global poverty is sharply increasing and there are huge unmet needs for hospitals, care and education.

"It is shameful that a handful of tax havens have further watered down the deal at the last minute.  A weaker agreement will benefit those who least need it—rich corporate executives and investors—and harm those most in need—women, racial and ethnic minorities, and people living in poverty the world over.  Now more than ever, we need bold action to Tax the Rich.”

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