The Republican-controlled House of Representatives told the Biden administration in no uncertain terms last week that it won’t approve the deal that Treasury Secretary Janet Yellen negotiated with more than 130 other countries to align U.S. corporate tax laws with those developed by the Organisation for Economic Co-Operation and Development (OECD).
In one of the more unusual tactics to bring the United States into compliance with international agreements, the Biden administration signed on to a global tax agreement that includes establishing a minimum corporate tax rate on multinationals of 15 percent, which gives Congress the choice of either approving the deal or watching U.S. companies suffer from foreign tax penalties.
