OECD revises global minimum tax deal to accommodate US concerns. More than 145 countries agreed to amend the 2021 global minimum corporate tax agreement, preserving the 15 percent framework while adding carve-outs aimed at addressing US objections. The Organisation for Economic Co-operation and Development (OECD) said the revisions simplify rules and better align global standards with US minimum tax laws, following pressure from the Trump administration. As of late 2025, more than 65 countries had begun implementing the original agreement, which allows countries to impose a top-up tax when multinational profits are booked in jurisdictions with effective rates that are less than 15 percent. Under the amended OECD agreement, large US-based multinational corporations will be exempt from paying additional corporate taxes overseas under the 15 percent global minimum tax regime.
Lawmakers advance partial funding package ahead of next shutdown deadline. Congressional leaders released text yesterday for a three-bill funding package that would finance several federal departments and programs through the end of the fiscal year on September 30. The legislation covers the departments of Energy, Commerce, Interior, and Justice, along with the Environmental Protection Agency, federal science initiatives, and water programs. Six additional funding bills, including those covering Defense, Health and Human Services, Labor, Education, Treasury, and the IRS, remain unresolved and may require another stopgap, reports Politico.
US plans sharp reduction in tariffs on Italian pasta producers. The US Commerce Department plans to significantly lower proposed anti-dumping tariffs on 13 Italian pasta manufacturers following updated findings in an ongoing investigation. Preliminary rates as high as 91.74 percent announced in September would be reduced to between 2.26 percent and 13.98 percent for major producers, with lower rates applied to others, according to Italy’s foreign ministry. The revised duties would still be added to an existing 15 percent tariff on most European imports and could change before the investigation concludes in March.
San Jose mayor opposes proposed California billionaire tax. San Jose Mayor Matt Mahan (D) has come out against a proposed statewide ballot measure that would impose a one-time 5 percent tax on the net worth of California billionaires. The Silicon Valley mayor said the initiative could ultimately shift costs onto working families and harm the state’s innovation economy. The proposal, backed by the Service Employees International Union–United Healthcare Workers West, would apply retroactively to January 1, 2026, and could raise an estimated $100 billion through 2031, according to its authors. Supporters say the tax would help address wealth inequality and a projected health care budget shortfall, while critics cite concerns about taxing unrealized gains and potential outmigration.
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