GOP Fights Biden Deal That Lets Other Countries Tax US-Based Profits
In one of the more unusual tactics to bring the United States into compliance with international agreements, the Biden administration has signed on to a global tax agreement that gives Congress the choice of either approving the deal or watching American companies suffer from foreign tax penalties.
Congress this week said it would do neither.
On Thursday, the GOP-controlled House told the Biden administration in no uncertain terms that it would not approve the deal that Treasury Secretary Janet Yellen negotiated with more than 130 other countries to align America’s corporate tax laws with the OECD’s global tax rules. Yellen called the agreement “a once-in-a-generation accomplishment for economic diplomacy.”…