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Yellen’s Global Tax Plan Gets No Love From Manchin-Schumer Deal

The Senate bill’s 15% minimum “book tax” on companies traditionally eligible for credits and deductions does not align effectively with the global deal brokered via the OECD.

By Christopher Condon | August 02, 2022 at 04:49 PM
Photo of Janet Yellen. Photographer: Greg Nash/The Hill/Bloomberg Janet Yellen. Photographer: Greg Nash/The Hill/Bloomberg

For U.S. Treasury Secretary Janet Yellen, there’s one stinging omission from the compromise legislation agreed to last week by Senator Joe Manchin and Majority Leader Chuck Schumer. Tax changes included in the bill fail to bring the U.S. in line with a global deal championed by Yellen and backed last year by almost 140 countries, which aims to reshape the way multinational companies are taxed around the world.

Failure to get the U.S. on board for the specific change—a 15 percent global minimum corporate tax rate—risks forgoing billions in U.S. tax revenue and sinking one of President Joe Biden’s and Yellen’s key accomplishments.

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