US Risks Losing Billions in Taxes as Congress Spurns Global Deal

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.

Just as feared by some negotiators, Congress has shown little appetite for enacting the 15% worldwide minimum tax. Democratic Senator Joe Manchin -- a swing voter in the 50-50 chamber -- said this month he’s not prepared to go ahead with a legislative package that contained the measure.

That now leaves the US at risk of forgoing billions of dollars of tax ...