The Organization for Economic Cooperation and Development has finalized a deal exempting U.S. multinational corporations from paying more corporate taxes overseas.
Owner of Jacksonville youth dance company, arrested accused of having sexual relationship with 13-year-old studentMan, 19, suspected of killing his cousin in Lake City found dead in the woods: CCSOThese ‘potatoes’ have invaded Florida.
Here’s why they’re a threatThank you! Hundreds of items donated during Channel 4’s Santa Paws drive‘He deserves to be brought to justice’: DeSantis touts Trump administration’s capture of MaduroCommunity rallies behind Middleburg culinary teacher after she lost a decade of work in a storage facility fire Read full article: Community rallies behind Middleburg culinary teacher after she lost a decade of work in a storage facility fireJanuary 5, 2026 at 1:31 PM U.S. Department of the Treasury Scott Bessent speaks before President Donald Trump arrives at the Mount Airy Casino Resort in Mount Pocono, Pa., Tuesday, Dec. 9, 2025. The OECD announced Monday that nearly 150 countries have agreed on the plan, initially crafted in 2021, to stop large global companies from shifting profits to low-tax countries, no matter where they operate in the world.The amended version excludes large U.S.-based multinational corporations from the 15% global minimum tax after negotiations between President Donald Trump's administration and other members of the Group of Seven wealthy nations. OECD Secretary-General Mathias Cormann said in a statement that the agreement is a “landmark decision in international tax co-operation" and “enhances tax certainty, reduces complexity, and protects tax bases.” U.S. Treasury Secretary Scott Bessent called the agreement “a historic victory in preserving U.S. sovereignty and protecting American workers and businesses from extraterritorial overreach.” The most recent version of the deal waters down a landmark 2021 agreement that set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, including Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens. Those havens are typically places like Bermuda and the Cayman Islands, where the companies actually do little or no business.one of her top priorities. The plan was widely panned by congressional Republicans who said it would make the U.S. less competitive in a global economy.that would have allowed the federal government to impose taxes on companies with foreign owners, as well as on investors from countries judged as charging “unfair foreign taxes” on U.S. companies.“This deal risks nearly a decade of global progress on corporate taxation only to allow the largest, most profitable American companies to keep parking profits in tax havens,” said Zorka Milin, policy director at the FACT Coalition, a tax transparency nonprofit. Tax watchdogs argue the minimum tax is supposed to halt an international race to the bottom for corporate taxation that has led multinational businesses to book their profits in countries with low tax rates. Congressional Republicans applauded the finalized deal. Senate Finance Committee Chair Mike Crapo, R-Idaho, and House Ways and Means Committee Chair Jason Smith, R-Mo., said in a joint statement: “Today marks another significant milestone in putting America First and unwinding the Biden Administration’s unilateral global tax surrender.” Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Navy sailors accused of getting paid thousands to marry Chinese nationals who wanted legal statusJacksonville residents share their 2026 New Year's resolutions6-week-old baby dips her toes in water for Polar Plunge at Jacksonville Beach3 separate shootings in Jacksonville during New Year's celebrations in JacksonvilleStudy raises concerns over property values if Florida nixes HOAsFernandina Beach store owner’s funny response to burglary goes viral‘They’re not indestructible’: Child e-bike injuries jump by almost 4,000% in three yearsConcerns raised after Jacksonville sees 3 pedestrians killed by vehicles in past weekVirginia fans get hyped for TaxSlayer Gator Bowl with pep rally in Jacksonville BeachCommunity steps up to help after food truck owner's trailer stolen on Christmas morning
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