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February 10,2022

Anna Murray 

Just last year, the second year Biden took the office, the US financial department raises a new proposal. It is a new rule that could have big impact on multinational companies based in US. 

At an OECD meeting in 2021, the Biden administration set a proposal to change the global taxation rule. They plan to increase the US corporate income tax rate on foreign earnings to 21%, and to get 137 member states to agree. 

But things aren't going smoothly as the US Treasury department think, Democratic Senator Mr. Joe Manchin said that he wasn't prepared to support Biden's Build Back Better Act. Only with the fully support from all Democratic senators, will the proposal be signed into law. 

Now, the big companies are still waiting for what will happen before they take action.