Economics
US Risks Losing Billions in Taxes as Congress Spurns Global Deal
- Test looms for global corporate tax deal’s 15% minimum levy
- Pact championed by Yellen is designed to incentivize adoption
Congress has shown little appetite for enacting the 15% worldwide minimum tax.
Photographer: Sarah Silbiger/BloombergThis article is for subscribers only.
The groundbreaking global corporate-tax agreement secured last year by Treasury Secretary Janet Yellen included a “failsafe” measure to encourage compliance by its 137 signatories.
That tripwire now looks to be tested by its biggest member economy: the US.