Whether or how US policymakers might align US tax law with the Organisation for Economic Co-operation and Development (OECD)/G20's global BEPS 2.0 rules remains to be seen, but, while the issue is being debated, businesses cannot afford to sit on the sidelines. Countries outside of the US have enacted, and continue to enact, local legislation implementing Pillar Two provisions. Right now, however, US multinational entities (MNEs) need to be modeling out the potential impacts, identifying actions they need to take, and engaging with US policymakers to explain how these rules will affect both their industry and operations. A report by the EY Quantitative Economics and Statistics (QUEST) practice has found that, even if the US does not adopt the OECD/G20 BEPS 2.0 Pillar Two rules, widespread adoption by other jurisdictions would increase the corporate tax liability of in-scope US MNEs with operations both inside and outside the United States by 18%. It could also have significant effects on the US economy, with the potential to reduce domestic MNE jobs by roughly 370,000 and annual domestic MNE investment by almost $22 billion. Learn more in this EY article.