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Senate Tax Inaction Leaves Companies in a Familiar Place: Limbo

July 22, 2022, 8:45 AM

Sen. Joe Manchin’s latest opposition to the Biden economic agenda fans the flames of uncertainty for US companies over what the future of their global taxes will look like. But one thing about the future does seem likely—they’ll have to pay a 15% global minimum tax, even if the US isn’t on board with it.

Manchin’s vote is needed for changes that would bring the US into alignment with part of a 2021 two-pillar deal that would overhaul global tax rules and impose the 15% minimum tax in most of the world. Without those US changes, companies could face double ...