Dominated by Europe’s welfare states, the Paris‐​based Organization for Economic Cooperation and Development (OECD) has been pushing policies to enable higher taxes and bigger government. The latest example is a base erosion and profit‐​shifting (BEPS) initiative that would raise business tax burdens and undermine the competitiveness of American firms operating in global markets. An expert panel will explain the new OECD scheme and outline a better policy approach.