Treasury Fends Off GOP Queries on Unfinished Global Tax Deal
- U.S. revenue hit will be small or non-existent, Treasury says
- Letter says details still tied up in negotiations under OECD
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The Treasury has sought to reassure a group of Republican senators the global tax agreement it struck in 2021 with nearly 140 countries will have a negligible impact on U.S. tax revenue, while stopping short of addressing a raft of GOP questions and concerns about the deal, which has yet to be finalized.
In a letter dated March 1 obtained by Bloomberg News, the Treasury’s assistant secretary for legislative affairs, Jonathan Davidson, said many questions put by a group of Republican lawmakers to Treasury Secretary Janet Yellen couldn’t yet be answered because of ongoing negotiations over the details of the agreement.