The announcement came a day after Treasury Secretary Scott Bessent said the administration was directing Republicans in Congress to drop a so-called revenge tax in response to international efforts to raise taxes on U.S. businesses.
Treasury Secretary Scott Bessent said the Group of 7 had agreed that penalties related to a 2021 “global minimum tax” deal would not apply to American companies.
Treasury Secretary Scott Bessent said the United States would work with nations to enact the agreement more broadly across the Group of 20 nations and the rest of the world.
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