Treasury Prods Congress for Passage of Global Tax Accord
- Remaking tax system critical for U.S. future, official says
- Democrats need Biden agenda to pass to implement tax accord
The U.S. Capitol in Washington, D.C.
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American competitiveness is at stake as Congress considers whether to support a global tax accord that imposes minimum levies and stricter regulations on corporations, according to a top U.S. Treasury official.
The accord, backed by 137 countries, would remake an international tax system that’s for years seen countries undercut each other’s corporate rates. The average rate in major economies has tumbled to 23% from 40% four decades ago.