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Yellen Unlikely to Get U.S. Firms’ Support for Global Tax Deal

April 8, 2022, 3:56 PM

Treasury Secretary Janet Yellen is counting on the support of corporate America for a recently agreed global tax deal to help win passage in the U.S. Congress -- a crucial step for its worldwide success.

The problem with that plan: Big business is nowhere near backing the plan. Executives at eight major U.S.-based multinational corporations interviewed by Bloomberg said that far too much remains unknown about the deal, whose fine print is still being negotiated.

Corporate leaders agree that international tax rules need reform and that the groundbreaking global deal Yellen secured last year could deliver important benefits to them ...