A global agreement to overhaul the taxation of multinational corporations has run into the buzzsaw known as the US Senate.
The 2021 pact between more than 130 countries, considered a diplomatic victory for President Joe Biden and Treasury Secretary Janet Yellen, calls for countries to establish a 15% global minimum tax and work out a new method for reallocating the profits of the world’s largest corporations more fairly among countries.
The Biden administration planned to establish the 15% minimum tax along with a host of other tax code changes in a budget reconciliation package, but Sen.
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