Global Tax Deal Heads Down Perilous Path in Congress

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By Richard Rubin

A complex international corporate tax deal that took years to hammer out soon faces one of its toughest tests: the U.S. Congress. The Group of 20 major economies backed the plan in Venice, Italy, following the earlier endorsement from a broader 130-country group. The plan, aimed at limiting corporate tax avoidance, would revamp longstanding international rules and is crucial to President Biden’s plans to raise corporate taxes. “The world is ready to end the global race to the bottom on corporate taxation, and there’s broad consensus about how to do it,” Treasury Secretary Janet Yellen said.

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By Richard Rubin , posted on Sunday July 11, 2021
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