U.S. Treasury to Look into Foreign Countries Subjecting U.S. Citizens or Corporations to Discriminatory or Extraterritorial Taxes

U.S. House Ways and Means Republicans have announced the introduction of legislation that would introduce new rules to require the Treasury Department to identify extraterritorial taxes and discriminatory taxes enacted by foreign countries, including the Pillar 2 UTPR. If such taxes are identified, the tax rates on U.S. income of wealthy investors and corporations in those foreign countries would be increased by 5 percentage points each year for four years, after which the tax rates remain …