News that GOP members of Congress are coordinating with the far-right Hungarian government in an attempt to block a proposed global minimum tax on multinational companies is drawing outrage from watchdog groups and Democratic lawmakers, with one U.S. senator accusing Republicans of doing "anything it takes to help their dark money corporate backers dodge taxes."
Just ahead of the July 4 holiday weekend, the Washington Post reported that "senior Hungarian officials say they are working with Republican lawmakers in the United States to defeat a global minimum tax backed by the Biden administration, as European and American leaders struggle to enact a groundbreaking international accord targeting multinational corporations."
The deal's framework, agreed to by nearly 140 countries in October after years of negotiations, includes a 15% global minimum tax rate designed to stop companies from stashing profits overseas to dodge their tax obligations, a key driver of what's been dubbed the "race to the bottom" on corporate taxation. The Tax Foundation notes that the average statutory corporate tax rate worldwide was 40.11% in 1980; in 2020, it was 23.85%.
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