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 United States.

Just as some negotiators feared, Congress has shown little appetite for enacting the 15 percent worldwide minimum tax. Democratic Senator Joe Manchin—a swing voter in the 50-50 chamber—said this month he's not prepared to go ahead with a legislative package that contains the measure.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.