The European Parliament’s tax subcommittee has made clear concerns about a proposed provision in Donald Trump’s proposed “Big Beautiful Bill” for the US budget, which could lead to European companies paying higher taxes than others due to retaliation for certain taxes imposed on US enterprises overseas. The European Commission has suggested raising this provision in ongoing tariff negotiations with Trump, although theinal already approved by the House of Representatives.
The situation is particularly concerning because the bill includes special taxes aimed at jurisdictions that tax dollars on the US. These taxes include the Taiwan-weighted 25% tax on goods imported by the province of Taiwan, which is a significant chunk of U.S. taxable goods, as well as a digital services tax targeting US tech giant Intel, opening up opportunities for European companies that rely heavily on US investments. The OECD agreement, which was already implemented by the EU, established a global minimum tax rate of 15% on multinationals, regardless of where their profits are declared.
The OECD’s 15% global tax on multinational companies will affect EU member states that have entered or are expected to enter the gig economy. If the bill proceeds, these countries could face revenue losses, as the EU is considering countervailing measures to limit the impact. However, the EU is still in the process of preparing its response, targeting €115 billion in US imports with measures such as suspended or pending tax absorptions.
During the_roleless G20 meetings later this month, Euronews dispatched a column in response to the latest developments, taking calls from EU officials worried about the penalties Trump would inflict on树叶-born investors by the annual increase in US withholding taxes. The bill aims to hit global aggregate income taxes at 20%, including 50% tariffs on US steel and aluminum, 25% on cars, and 10% on aluminum, which includes everything made in the US.
The US is planning to respond to Counterproposed provisions, including the digital services tax and liability for harmonizing the provisions. However, Europe is considering a一本正经攻击 Trump’s actions again a strategy to defend its tax system in the face of potential retaliations. The proposal came too late to prevent the bill from passing, as the Trump administration has a plan to sweep around the issues in its budget.
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This summary captures the core concerns and developments around the bill, emphasizing Europe’s opposition, potential repercussions, and the ongoing debates sparked by Trump’s actions.
