WASHINGTON — The Biden administration’s international tax agenda was reversed when Sen. Joe Manchin last week rejected a 15 percent minimum tax on multinational corporations, tarnishing the prospect of turning the global tax deal last year actually.
Biden administration officials had planned to use Democratic tax legislation to enact the U.S. piece of the agreement reached last year by Treasury Secretary Janet Yellen and more than 130 other countries. They wanted swift action to set a 15% minimum tax on U.S.-based multinational companies in each country where they operate, a measure aimed at showing international leadership and encouraging other countries to follow suit.