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Global Tax Deal Threatened as US Senate Dysfunction Delays Vote

July 15, 2022, 10:20 PM

An unprecedented global agreement on how to tax corporations, a key diplomatic victory for President Joe Biden, is at risk of unraveling after a member of his own party delayed a crucial vote, threatening the chances of the world’s biggest economy joining the deal.

The US Senate has an increasingly narrow path forward after Senator Joe Manchin said he wanted to wait until September to consider a bill that included committing to a 15% global minimum corporate tax, the cornerstone of a deal that Treasury Secretary Janet Yellen helped negotiate with nearly 140 countries last year.

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