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Politics
Economics

US Risks Losing Billions in Taxes as Congress Spurns Global Deal

  • Test looms for global corporate tax deal’s 15% minimum levy
  • Pact championed by Yellen is designed to incentivize adoption
Congress has shown little appetite for enacting the 15% worldwide minimum tax.

Congress has shown little appetite for enacting the 15% worldwide minimum tax.

Photographer: Sarah Silbiger/Bloomberg

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.