Sen. Joe Manchin Balks at Global Minimum Tax Championed by Biden


WASHINGTON—The Biden administration’s international tax agenda suffered a setback when Sen. Joe Manchin rejected a 15% minimal tax on multinational firms this previous week, dimming prospects of turning final 12 months’s international tax settlement into actuality.

Biden administration officers had deliberate to make use of Democratic fiscal laws to enact the U.S. piece of the deal struck last year by Treasury Secretary Janet Yellen and greater than 130 different international locations. They wished fast motion to set a 15% minimal tax on U.S.-based multinational firms in every nation the place they function, a transfer aimed toward displaying worldwide management and prodding different international locations to comply with go well with.


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