Tax Changes Hit Overseas Profits of Some U.S. Companies

Companies like Procter & Gamble are facing nine-figure U.S. tax bills they didn’t expect under the new law

WASHINGTON—When Republicans rewrote the international tax system in 2017, they were trying to help U.S. companies like Procter & Gamble Co. compete in foreign markets and create domestic jobs. Fifteen months later, the Ohio-based consumer products maker and other U.S.-based multinationals warn the new law could instead put them at a disadvantage globally and reduce their incentive to invest at home.

P&G pays about 18% to 19% of its non-U.S. income in foreign taxes. That is high enough that executives thought they...

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